Validus Senior Living, a Tampa-based owner of senior living communities, has secured a $50 million from Hancock Bank. The company plans to use the credit line to acquire a new community, Inspired Living at Tampa, to refinance the Inspired Living at Sun City Center and to complete the acquisition of Inspired Living at Bonita Springs. The new communities will add a combined additional 190 memory care units to the Validus portfolio.
“The developer takes the development risk. When we buy them, we take the lease-up risk. The Hancock Bank line of credit provides a bridge line. Once they are stabilized, we will put them in a more permanent long-term vehicle like Fannie [Federal National Mortgage Association] or Freddie [Federal Home Loan Mortgage Corp.] or HUD [U.S. Department of Housing and Urban Development],” said Mario Garcia Jr., CEO of Validus Group.
