Scribner Capital Arranges $80 Million Refinancing for Senior Care Development
Financing Positions the Community for Continued Success with Flexible 10-Year Fixed Rate Debt
December 16, 2020 – Scribner Capital, LLC (“Scribner Capital”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry is pleased to announce the successful closing of a refinancing for Meadow Ridge, a Class A Life Plan Community in Redding, Connecticut.
The recapitalization of Meadow Ridge will save several million dollars a year in debt service as well as setting aside capital for a long-planned renovation project and the completion of the full continuum of care with the addition of a dedicated memory care wing.
In addition to having highly competitive terms and flexible covenants, it was important for the borrower to work with a single lender and not be subject to syndication risk. Truist Bank was selected through a highly-competitive process and provided a fully underwritten proposal. It is the bank’s intention to hold the entire loan for the term.
“James has been a long-time friend of Senior Care Development and continues to deliver for us – especially in the most difficult of conditions.” said David Reis, Chief Executive Officer, Senior Care Development. “In a large and complex transaction like Meadow Ridge, it takes a great team and Scribner Capital is an instrumental part of the SCD team.”
“Meadow Ridge has always been important to me, having arranged the prior financing about 10 years ago. I now live just a few miles away and it is a critical part of our community,” said Mr. Scribner. “It was an honor to work with Senior Care Development again and provide long-term stable capital to the community.”
About Scribner Capital
Scribner Capital was formed during one of the most volatile periods in history to provide stable capital to owners, operators and developers of seniors housing and healthcare assets. For over 15 years, Principal and Founder James Scribner has been exclusively focused on providing creative and highly-structured capital solutions to the seniors housing and healthcare industry, including joint venture equity and subordinate debt, as well as bridge financing, FHA/HUD and GSE first mortgage financings. He has also led complex restructurings and distressed note purchases. For more information, visit www.ScribnerCapital.com.