Tom Cassidy of Provident Bank’s Healthcare Lending team provided funding to a regional owner/operator in the Southeast. The new client, a family business, secured a $29.84 million portfolio refinance and recapitalization of four stabilized seniors housing communities in Florida.
The well-performing portfolio totals more than 250 units across a mix of independent living, assisted living and memory care. The properties are located in close proximity within an extended Central Florida MSA, supporting operational and staffing synergies. At the time of underwriting, occupancy was in the 90s, and no agency staffing was utilized.
As part of the recapitalization, the borrower had completed a renovation and addition at one community and used the transaction to buy out existing equity partners. The new loan carries a five-year term.
The transaction crossed the finish line smoothly. Although valuations came in below borrower expectations, the deal remained within Provident’s lending parameters.
Provident Bank’s Healthcare Lending team also recently provided financing to an owner/operator in the Pittsburgh, Pennsylvania market, and closed transactions for a couple of not-for-profit organizations in New Jersey, not far from the bank’s headquarters.
With over $150 million in originations through October, the team continues to focus on active pipeline growth within the Mid-Atlantic, Northeast and Florida markets, serving a diverse clientele from owner/operators to institutional investors. Further announcements will be shared in the future.
