SunTrust Announces National Expansion of Aging Services Practice Group
ATLANTA–SunTrust Banks, Inc. (NYSE: STI) announced a nationwide expansion of its Aging Services/Senior Living Industry Practice group, leveraging existing SunTrust Bank and SunTrust Robinson Humphrey, Inc. offices throughout the U.S. The specialty group, recognized for its extensive knowledge and experience, was formerly only available in select regions. Based on growing demand in the Aging Services sector, SunTrust is expanding its business model and coverage in order to meet the needs of senior housing providers nationwide.
SunTrust offers industry-unique financing options, including Agency Lending capabilities and specialized advisory services based on each client’s distinctive needs. The team of specialists helps companies plan for strategic growth by providing capital for new construction needs, the expansion of facilities, state-of-the-art equipment and service offerings, as well as helping clients efficiently manage the working capital cycle via a robust treasury management program.
“We saw an opportunity to fulfill our purpose of advancing financial well-being by addressing the needs of many senior housing providers and communities nationwide who are underserved and require access to capabilities beyond just a traditional bank loan,” said Jason Cagle, head of Commercial Banking at SunTrust. “SunTrust has the capabilities of a full-scale corporate and investment bank through SunTrust Robinson Humphrey, as well our Agency Lending platform, partnered with our dedicated industry specialists that together can help senior living and long-term care providers successfully navigate this rapidly growing market.”
In the United States, the number of individuals aged 85 or older is expected to grow from 5.6 million people in 2010 to 19 million in 2050, an increase of 231 percent. SunTrust’s aging services expansion will allow the team to provide vital services in the senior living industry as the United States population continues to mature.
“This national expansion is the result of many years of hard work and positions us to respond to the growing demand for long-term care,” said Evelyn Lee, senior vice president of SunTrust’s Aging Services practice. “We are thrilled to make available our full capabilities and expertise to providers throughout the country to help deliver state-of-the-art services to seniors.”
The Aging Services practice group offers industry expertise across a wide range of sectors including continuing care retirement, skilled nursing, assisted living and memory care facilities.