BRIDGEPORT, Conn., Oct. 15, 2019 /PRNewswire/ -- People's United Bank, N.A., a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), announced its Healthcare Finance and Capital Markets Divisions provided a $57.5 million Credit Facility to ReNew REIT, a privately held healthcare real estate investment trust (REIT) formed in 2018 that focuses on independent living, assisted living and memory care communities.
The facility provides ReNew and its joint venture partner, Heritage Senior Living, with capital to acquire a senior living campus in Douglassville, PA.
"We are thrilled to partner with ReNew and their experienced management team to provide a permanent mortgage solution with the flexibility to accommodate the future expansion of their portfolio," said Ken Jamison, Managing Director, Loan Syndications, People's United Bank. "Our specialized lending team worked closely with ReNew to structure a customized facility that accounted for their unique credit requirements and capitalized on existing tax credits."
"People's United has maintained a strong relationship with our joint venture partner Heritage Senior Living, and was a natural capital partner given their industry expertise," said John Getchey, Chief Investment Officer, ReNew REIT. "The People's United team was uniquely positioned to understand our dynamic requirements, offer competitive terms and ensure a smooth close. We look forward to growing our business relationship with them."
People's United's Healthcare Finance and Capital Markets Divisions are comprised of experienced in-market Bankers across the Northeast and Mid-Atlantic who provide local market-based solutions to non-profit and for-profit organizations across industries. The teams offer Commercial Banking solutions for Healthcare Finance, including Treasury Management, Wealth Management, Derivative and Insurance services. In addition, their origination, underwriting and approval of credit facilities of $5 million and higher provides companies with funds for acquisitions, construction, equipment, working capital needs or debt restructuring.
About People's United Bank
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with more than $51 billion in assets. Founded in 1842, People's United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions. The company also provides specialized commercial services to customers nationwide.
About ReNew REIT
ReNew REIT is a privately held company investing in independent living, assisted living and memory care communities. ReNew's mission is to improve the quality of community-based care for seniors by fostering relationships with leading seniors housing operators. ReNew is headquartered in Toledo, OH and invests in private pay seniors housing across the U.S. ReNew's current portfolio is comprised of 69 communities, 6,546 units, located in 12 states.
SOURCE People's United Bank