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Capital One Bank to Hold $100MM in $213.5MM Secured Term Loan to Formation Capital

July 09, 2013, 07:02 AM
Filed Under: Healthcare

Capital One Bank acted as a joint book runner on a $213.5 million secured term loan to FC Ranger Acquisition, LLC, to finance the acquisition of a portfolio of 26 senior housing properties consisting of 272 independent living units, 1,168 assisted living units and 394 memory care beds. The facilities are located in Oregon, Washington, Texas, California, Colorado and Tennessee.

Formation Capital, the sponsor behind FC Ranger Acquisition, LLC, is a leading private investment firm focused on senior housing and care, post acute and healthcare real estate investments. It has an investment portfolio of more than $4 billion in healthcare real estate assets comprising more than 60,000 beds in 35 states.  Formation partnered with SAFANAD, a global investment house with locations in New York, Geneva, London and Dubai, for this acquisition.

Capital One Bank will hold $100 million of the term loan and will also provide deposit and treasury management services to the facilities.

“We are pleased to support Formation Capital and SAFANAD as they continue to build their senior housing portfolio,” said Brian Morris, managing director, Commercial and Specialty Finance, Capital One Bank. “This is a great opportunity to partner with industry leaders as we expand our commercial and specialty lending business nationwide.”

“Capital One Bank worked closely with us to structure an attractive financing solution for this complex acquisition,” said Brian Beckwith, chief executive officer of Formation Capital. “As we continue to grow our health care real estate portfolio, we look forward to working with the Capital One Bank team.”

Capital One Bank’s Healthcare team partners with clients in the healthcare and long-term care industries by providing real estate loans, enterprise term loans and revolving lines of credit to address their capital needs. Capital One Bank’s Commercial Business leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.

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