Oxford Finance, a specialty firm specializing in debt solutions for nursing homes and senior living, secured impressive capital commitments totaling approximately $200 million across six substantial transactions in the first and second quarters of 2023.
The company said that despite the challenges posed by escalating interest rates and the constraints faced by the traditional banking sector, their active project pipeline promises continued momentum throughout the remainder of 2023.
Among the notable transactions during the first half of 2023 included the extension of a revolving line of credit amounting to $14.25 million to support the working capital needs of a Texas-based operator overseeing 29 skilled nursing facilities. Oxford said the credit facility’s flexibility is evident in its accordion feature, which allows the borrower the potential to raise the line limit to $27.25 million.
Another transaction involved the recapitalization of two skilled nursing facilities and a personal care home, totaling 168 beds, led by an experienced Pennsylvania-based operator. Oxford said they facilitated this initiative through a comprehensive financial package, including a $34.1 million term loan, a $2.5 million mezzanine loan, and a $2.0 million revolving line of credit.
Oxford also supported a proficient California-based operator’s strategic acquisitions. The company provided a $56.5 million term loan and a $6.0 million revolving line of credit, which fueled the acquisition of two behavioral health facilities comprising 335 licensed beds in southern California.
Additionally, the same operator benefited from a $16.6 million term loan and a $3.0 million revolving line of credit, enabling the acquisition of two skilled nursing facilities with 227 licensed beds in northern California.
In an effort to foster growth and expansion, Oxford facilitated a $53.9 million term loan and a $5.0 million revolving line of credit for an Illinois-based operator. These funds were allocated towards the acquisition of 11 skilled nursing facilities and an independent living facility, collectively housing 1,080 beds.
Ziegler Facilitates Sale of The Village at Marymount Senior Living Community
Ziegler, a specialized investment bank, has successfully acted as the exclusive sell-side financial advisor for the sale of The Village at Marymount. This senior living and skilled nursing retirement community, located in Garfield Heights, OH, encompasses 246 beds/units.
Established in 1952 by the Sisters of St. Joseph of the Third Order of St. Francis, Marymount is a faith-based, non-profit continuing care community. Marymount offers a comprehensive array of services and care options to accommodate diverse resident needs and preferences.
Ziegler said that in response to economic challenges and industry difficulties within the nursing home sector, they qualified buyers capable of managing the campus and absorbing interim operational losses during the transition period.
“It was a pleasure working with the Marymount board and we anticipate the acquirer will continue Marymount’s long-standing mission of providing residents an environment of compassion, competence, and celebration of life,” Nick Glaisner, Managing Director in Ziegler’s Senior Housing and Care Practice said in a press release.
The acquiring entity, a privately held owner and operator headquartered in Lakewood, NJ, completed the purchase on June 30, 2023. As part of the transaction, the acquiring party assumed approximately $16 million of HUD debt.
