People's United Bank Provides $61 Million Credit Facility for Brightview Senior Living
BRIDGEPORT, Conn., March 10, 2020 /PRNewswire/ -- People's United Bank, N.A., a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), announced its Healthcare Finance Division provided a $61 million Credit Facility to Brightview Senior Living ("Brightview"), a privately held real estate development and property management company specializing in multifamily and senior living communities.
The Credit Facility will be used to construct a new 200,000 sf, 190 unit senior living community in Wayne, NJ, consisting of 97 independent living, 58 assisted living, and 35 Wellspring Village® units, which provides dementia patients with a specialized environment and care specific to their unique needs. The Facility will allow Brightview to further expand their presence into New Jersey and is an extension of an existing relationship with People's United.
"Brightview has a proven track record of building and operating specialized senior living communities and we are pleased to support the continued expansion of their portfolio in demographically attractive markets," said Matthew Huber, SVP, Healthcare Finance Market Manager, People's United Bank. "As a result of our existing relationship with Brightview, we were well-positioned to fully understand their business model, strategic growth plans, and provide a creative deal structure that is reflective of their near and long-term goals."
People's United's Healthcare Finance Division is comprised of experienced in-market bankers across the Northeast and Mid-Atlantic who provide local market-based solutions to non-profit and for-profit organizations across industries. In addition, their origination, underwriting and approval of credit facilities of $5 million and higher provides companies with funds 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 approximately $59 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 Brightview Senior Living
In 1999, Brightview Senior Living was founded to provide seniors with a vibrant place to live. Today, Brightview builds, owns, and operates more than 40 senior living communities with over 4,000 associates. Brightview delivers award-winning rental senior living communities in eight states along the East Coast: Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, and Virginia. Their rental senior living communities offer resident apartment homes with no large entrance fee for senior Independent Living, Assisted Living, Enhanced Care, and Wellspring Village®, a specialized neighborhood for people living with Alzheimer's disease and other forms of dementia.
SOURCE People's United Bank
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