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People’s United Bank Provides $80MM Credit Facility to Invesque

July 12, 2019, 08:55 AM
Filed Under: Healthcare

People's United Bank, N.A. a subsidiary of People's United Financial, Inc. (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., (IVQ-U.TO), 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.

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