ALEXANDRIA, Va., March 1, 2016 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced the closing of a uni-tranche $64 million term loan and a $7 million revolving line of credit with a subsidiary of Mid-Atlantic Health Care ("MAHC"). Funds are being used to purchase five existing skilled nursing facilities in Maryland and Pennsylvania from Magnolia Management and for working capital. CapitalSource, which makes commercial loans to small and mid-sized businesses nationwide, was a co-lender for the credit facility.
Founded in 2003 and headquartered in Timonium, Maryland, MAHC now owns and operates 22 skilled nursing facilities in Maryland and Pennsylvania, which have approximately 4,000 beds. The executive team of MAHC has several decades of experience as long-term care operators.
"This loan illustrates Oxford's ability to execute larger, more complex transactions within the long-term care space," said Tracy S. Maziek, managing director at Oxford Finance. "MAHC has an excellent track record in the Mid-Atlantic region, and Oxford is pleased to provide funds to help the company expand its portfolio of quality skilled nursing facilities."
"Oxford continues to be a dependable and extremely flexible partner, focused on structuring loans that help our organization achieve its financial objectives," commented Michael Mahon, president of administration and operations for Mid-Atlantic Health Care. "We appreciate the professionalism of the Oxford team and the company's commitment to staying true to its promises throughout the process."
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences 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 $3 billion in loans, with credit facilities ranging from $500 thousand to $75 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California and Massachusetts. For more information visit www.oxfordfinance.com.
About Mid-Atlantic Health Care, LLC
Mid-Atlantic Health Care, LLC was founded in 2003 by Dr. Scott Rifkin and Howard Friner. Since then, Mid-Atlantic Health Care has grown to be an innovator in post-hospital services throughout the region, operating 21 facilities in Maryland and Pennsylvania. At each care center, Mid-Atlantic Health Care aims to exceed expectations by providing enhanced, patient-centered care and by working to improve health outcomes through care coordination and navigation. To learn more, visit mahchealth.com.
SOURCE Oxford Finance LLC