Bank of the West Leads Financing for Spectrum Retirement Communities
DENVER, Aug. 8, 2013 /PRNewswire/ -- Spectrum Retirement Communities, LLC, a developer, owner and operator of senior retirement communities across the United States, has successfully completed a $124 million financing transaction led by Bank of the West as the agent bank.
Spectrum Retirement Communities will use the $124 million term loan to refinance existing debt, and buy out an equity partner on a portfolio of six senior housing properties in Kansas, Missouri, Illinois and Arizona.
"Bank of the West's deep industry expertise and broad financial capabilities enabled us to meet Spectrum Retirement's needs and clearly explain the loan structure to other lenders to secure their participation in a timely manner," said Allen Kirschenbaum, Executive Vice President and Real Estate Industries Division Manager.
Bank of the West acted as administrative agent and lead arranger for the syndicated loan. Other lenders in the syndicated loan were Compass Bank, Colorado Business Bank, and Raymond James Bank, N.A.
"This financing is a great example of Bank of the West's focus on specific sectors, such as senior housing, where we fully understand our clients' business," said Jean-Marc Torre, Senior Executive Vice President and Head of the Commercial Banking Group.
With over 3,400 units under management, Spectrum Retirement has an outstanding track record of developing and operating well designed retirement communities for today's senior.
"We are very pleased to help Spectrum Retirement Communities continue to grow and serve seniors," said Astrid Kramarz of Bank of the West Real Estate Industries Division's Healthcare Unit. "Spectrum Retirement is a long-term client, and we are proud to be a key contributor to their financial strategy."
About Spectrum Retirement Communities, LLC
Spectrum Retirement Communities, LLC, headquartered in Denver, is a leading developer, owner and operator of Independent, Assisted Living and Memory Care communities across the United States. Spectrum offers seniors a unique opportunity to enjoy affordable luxury living in highly desirable locations with easy access to shopping, medical facilities and local residential neighborhoods.
About Bank of the West
Founded in 1874, $63 billion-asset Bank of the West offers a full range of personal, commercial, wealth management and international banking services. The bank operates more than 650 retail and commercial banking locations in 19 Western and Midwestern states. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 80 countries with nearly 200,000 employees. Bank of the West (www.bankofthewest.com) is a Member FDIC and Equal Housing Lender.
SOURCE Bank of the West