BRIDGEPORT, Conn., July 11, 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 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 more than 102 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 Living, LLC.
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 Invesque
Invesque 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 Living
Headquartered in
West Allis, Wisconsin, Heritage
Senior Living was founded in 2000 by Milo
Pinkerton to provide residents with the highest quality of
care possible, while at the same time promoting independence and
maintaining dignity. Heritage Senior Living has 15 senior living
communities throughout Wisconsin –
plus one currently under development – that are home to more than
2,000 seniors. Most Heritage Senior Living communities offer
several levels of care, from independent living to assisted and
enhanced assisted living and memory care units, so that residents
can embrace life's journey from the comfort and convenience of one
location that meets all of their physical, mental and emotional
needs. For more information, visit: http://heritagesenior.com/.
View original
content:http://www.prnewswire.com/news-releases/peoples-united-bank-leads-80-million-senior-secured-credit-facility-for-invesque-inc-300883544.html
SOURCE People's United Bank