A partnership of four banks this week closed on a $70 million refinancing for a multiproperty portfolio on behalf of Apple Health Care Inc., a regional skilled nursing operator based in Connecticut.
The 16-facility portfolio spans Connecticut and Rhode Island, containing a total of 1,336 beds.
The refi will allow the company to finance additional properties with the U.S. Housing and Urban Development, fund improvements and improve cash flow.
Betsy Shelley and Greg Anderson led the transaction on behalf of Waterbury-based Webster Bank, the primary financer. Additional financing came through New York’s Popular Community Bank, Citizens Bank of Hartford and Natick, Massachusetts-based Middlesex Savings Bank.





