Validus Senior Living Plans New Assisted Living Facility In Kenner
TAMPA, Fla.- Validus Senior Living, a Tampa-based long-term care company, today announced the closing of a $117.5 million syndicated revolving line of credit with SunTrust Robinson Humphrey. The funds are supporting the acquisitions of two new Inspired Living communities – Inspired Living at Ocoee in Florida and Inspired Living at Kenner – that offer both assisted living and memory care.
A third community, Inspired Living at Alpharetta, in Alpharetta, Ga. is expected to close in the coming weeks.
SunTrust Robinson Humphrey served as the lead arranger for this deal, while SunTrust Bank acted as the lead participant and administrative agent.
The two initial acquisitions will add more than 250 units to Validus’ existing portfolio in Florida and Louisiana, with further growth expected in Atlanta, Houston, and Lewisville, TX.
Through these acquisitions, the company expects to add more than 200 associates. Each future acquisition will employ an additional 100 associates.
“At Validus Senior Living, taking care of mom and dad is at the core of all we do,” said CEO Steve Benjamin. “This deal furthers our growth strategy by expanding our Southeast footprint through state-of-the-art assisted living and memory care communities. It’s also validation that our hard work and clear focus is paying off. As evidenced by our portfolio growth, resident absorption and overall satisfaction of our residents and families.”
The notable syndication process was led by SunTrust Robinson Humphrey, in close coordination with Validus Senior Living. The five-year deal is renewable and will greatly add to the rapidly growing value of the entire Validus company, which currently includes 11 communities and four new communities in development. SunTrust also provided strategic insight to help Validus expand its portfolio through acquisition.
“SunTrust is pleased to work with Validus Senior Living to finance these new acquisitions and future expansions,” said Evelyn Lee, senior vice president of SunTrust’s aging services practice. “Validus shows a committed vision, offering the highest levels of care and accommodations for each resident they serve.”
SunTrust’s aging services practice group offers industry expertise across a wide range of sectors, including skilled nursing, assisted living, memory care and continuity of care in retirement. SunTrust currently has over $2.5 billion in credit commitments for senior care facilities as it continues to support the growth of the aging services community.