People’s United Bank Refinances Two New England Communities
Bridgeport, Connecticut-based People’s United Bank announced a couple of refinances for seniors housing clients in New England, working with participating banks on both deals. First, up the coast in Mystic, Connecticut, Masonicare of Chester Village is a 179-unit seniors housing campus with independent living, assisted living and memory care services. It opened in 2016. Masonicare received $45 million of debt, with People’s United Bank as the lead holding $30 million and Washington Trust participating with a $15 million hold. There is a seven-year term and 30-year amortization on the debt, which was came in under 67.5% loan-to-value. The transaction replaces mortgages previously held by... Read More »
People’s United Bank Funds Connecticut CCRC
Bridgeport, Connecticut-based People’s United Bank headed upstate to refinance a CCRC in Bloomfield, just north of Hartford. Duncaster, Inc. opened in 1984 as a not-for-profit CCRC that now includes 193 independent living units, 19 assisted living units, 24 memory care units and 60 skilled nursing beds. The pandemic led to a drop in occupancy (who didn’t experience that?) and slower IL unit sales. But the property did receive a healthy amount of stimulus funds to offset the drop in revenues, and recent IL unit sales reportedly have been strong. There was about $9.2 million of maturing bond debt held by Citizens Bank on the property, plus... Read More »
People’s United Bank Closes Several Financings
People’s United Bank announced several closed loans for clients in the Northeast. First, to finance the development of a brand-new, 60-unit/80-bed assisted living and memory care community in Manalapan, New Jersey, the bank provided a $14.3 million construction loan, which comes out to $233,300 per unit of debt. HJ Sims led the solicitation process. The loan comes with a five-year commitment, 30-year amortization and 30 months of interest-only payments for both the construction and lease-up periods. The borrower was MRC Manalapan, a newly formed not-for-profit special purpose entity formed to build and operate the community. It is controlled by two principals, including LV Development,... Read More »
People’s United Bank Closes Two More Financings
Continuing the series of closings from People’s United Bank that we first covered last week, the bank then closed a $9 million construction loan to cover renovations at a newly merged senior living community in Connecticut. An existing customer of People’s United Bank for many years, Pierce Memorial Baptist Home is a rental CCRC in Brooklyn, Connecticut that features independent living, assisted living, short-term rehab and long-term care services. It recently merged with Connecticut Baptist Homes (CBH) but will continue to maintain a separate state license and cost reports, as per the state. A plan to renovate and convert an empty SNF wing to a 10-unit AL/memory care building, as well... Read More »Schedule a demo
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