BRIDGEPORT, CT - People's United Bank, N.A. a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT, announced its Healthcare Finance and Capital Markets Divisions served as Lead Arranger and Administrative Agent for an $80 million Senior Secured Credit Facility to Invesque, Inc., (TSX: IVQ.U),a healthcare real estate company focused on the opportunity created by the global aging demographic trend.
The facility will be used to refinance existing debt associated with the four senior living facilities in Eastern Pennsylvania and Southern New Jersey. The properties are owned via a Joint Venture agreement between Invesque and Heritage Senior Living, a developer and property manager for senior housing communities in the Mid-Atlantic.
“We are excited to expand our partnership with Invesque and Heritage to provide flexible solutions and strategic guidance in support of their current and future growth objectives,” said Matthew Huber, Market Manager, Healthcare Finance at People’s United Bank. “From expansion, refinancing, purchasing, constructing or serving as an advisor, our goal is to understand the operating dynamic unique to the client and structure forward-looking solutions that generate long-term relationships.”
Based in Toronto, Canada with U.S. headquarters in Carmel, IN, Invesque invests in healthcare properties including senior-living, skilled-nursing and medical office buildings, located in the United States and Canada through long-term absolute net leases, joint ventures, and development capital. The company’s portfolio consists of 121 properties across 20 states and two provinces.
“The People’s United Healthcare Finance team continues to demonstrate an ability to design and execute on capital structures that are tailored to the unique needs of our Company. They have in-depth industry knowledge and we could not be more excited to partner with them,” said Scott Higgs, Chief Financial Officer, Invesque, Inc.
“As the Senior Living market evolves, so must our partners. We believe by partnering with specialty lenders like People’s United who are focused on long-term relationships, not one-time transactions, we will bolster our market position and realize a distinct directional advantage as we enter the next phase of growth,” said Kevin McCollum, President, Heritage Senior Care Inc.
People’s United’s Healthcare Finance and Capital Markets Divisions are comprised of experienced in-market Bankers across the Northeast who provide local market-based solutions to non-profit and for-profit organizations across industries. The teams offers Commercial Banking solutions for Healthcare Finance, including Treasury Management and Insurance services. In addition, their origination, underwriting and approval of credit facilities extends to companies $5 million and greater 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 $48 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 InvesqueInvesque is a healthcare real estate company with an investment thesis centered around the opportunity created by the global aging demographic trend. Invesque currently capitalizes on this opportunity by investing in a highly diversified portfolio of income generating health care properties located across the United States and Canada through long-term absolute net leases, joint ventures, and development capital. For more information, visit www.invesque.com.
About Heritage Senior LivingHeritage Senior Living develops, markets and manages senior housing communities throughout the Mid-Atlantic region. The company is committed to offering affordable housing options and improving the quality of life for seniors through proper nutrition, fitness, socialization and personal care. For more information, visit https://www.heritagesl.com/.