Helios Healthcare Advisors helped arrange a corporate credit facility secured by a portfolio of assisted living/memory care communities across four locations in Alabama on behalf of Country Place Senior Living, a portfolio company of a Hong Kong-based alternative investment manager. Helios secured the facility through a regional lender based in Atlanta, Georgia, for general corporate purposes and to complete renovations on a portfolio of five assisted living and memory care communities that Country Place acquired in Texas this year.
The facility was secured on the four Alabama assets, which were stabilized and had no property-level debt, thereby helping Country Place to access the financing for its other purposes. Three years ago, Country Place’s parent company, CP Holdings LLC, filed for chapter 11 bankruptcy protection after owing $83 million in debt, defaulting on payments over the course of several years, violating covenant obligations, and proposing to sell itself to its primary lender, Tor Investment Management (Hong Kong) Ltd. At the time, CP Holdings owned or partially owned 50 subsidiaries operating 24-unit assisted living communities mainly in rural markets, with 10 operating under the Country Place Senior Living brand.
