The Oxford Finance Corporation, a subsidiary of the Sumitomo Corporation, has closed a $19.8 million deal for a senior credit facility with LifeHOUSE Health Services, a wholly owned subsidiary of LifeHOUSE Holdings, LLC.
The facility includes an $8.5 million revolving line of credit, a $6.6 million real estate term loan and a $4.7 million senior secured leasehold term loan.
These funds will be used for working capital and to refinance current debt associated with the company's skilled nursing facilities in California.
"LifeHOUSE has an impressive and focused management team that has increased the value of its company through the acquisition and renovation of skilled nursing facilities," said Christopher A. Herr, Oxford's managing director. "We are pleased to have the opportunity to provide LifeHOUSE with the capital it needs to grow its business."
"We are excited about this new strategic partnership and the significant benefit it provides our residents, employees and shareholders,” said Rowan Farber, president of LifeHOUSE. “Given the Oxford team's dexterity and knowledge of our industry, they were able to mobilize and execute quickly, delivering a comprehensive financing package, tailored to our current needs and strategic plans."