ALEXANDRIA, Va., Sept. 14, /PRNewswire/ -- Oxford Finance Corporation, a subsidiary of Sumitomo Corporation, today announced that it closed a $19.8 million 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 their 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, managing director for Oxford Finance Corporation. "We are pleased to have the opportunity to provide LifeHOUSE with the capital it needs to grow its business."
Rowan Farber, President of LifeHOUSE stated, "We are excited about this new strategic partnership and the significant benefit it provides our residents, employees and shareholders. 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."
About Oxford Finance Corporation
A subsidiary of Sumitomo Corporation, Oxford is a specialty finance firm providing senior secured loans to public and private life science and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $1.5 billion in loans, with lines of credit ranging from $500 thousand to $40 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California and Massachusetts. For more information visit www.oxfordfinance.com.
About LifeHOUSE Health Services
LifeHOUSE Health Services is focused on strategic acquisitions of senior assisted & independent living and skilled nursing communities in the U.S. The Company's platform provides a strong acquisition and operating team with significant experience in healthcare, mergers & acquisitions, hospitality, real estate and construction. The Company is particularly effective in turnaround operations of under performing properties or entire business units. The Company has approximately 2,519 beds (1,580 skilled nursing beds and 939 assisted and independent living units) and over 2,350 full time equivalent employees.
SOURCE Oxford Finance Corporation