Capital One Closes $11.5 Million Term Loan for Advanced Rehab
Capital One Bank said it closed an $11.5 million, five-year senior secured term loan for Advanced Rehabilitation and Healthcare of Bowie, a newly constructed skilled nursing facility in Bowie, TX. The loan was used to refinance the construction loan for this new facility, which opened in the spring of 2012 to provide the previous residents of Bellmire Healthcare Center with an updated, new skilled nursing facility.
“We are thrilled to continue our relationship with Capital One Bank’s Healthcare Finance team and appreciate the group’s commitment to providing unique financing solutions,” said Zevi Kohn of TL Management. “The Capital One Bank loan enabled us to provide state of the art healthcare and skilled nursing services to residents of Bowie and surrounding communities.”
“We have worked with the leadership team that manages Advanced Rehabilitation and Healthcare of Bowie for many years and consider them valued customers and industry leaders,” said Imran Javaid, managing director, Commercial and Specialty Finance, Capital One Bank. “We look forward to supporting this team as it strives to provide the highest quality care and amenities to its residents. This deal also reflects Capital One Bank’s national specialty lending strategy to provide tailored financing solutions to middle-market healthcare companies.”
Advanced Rehabilitation and Healthcare of Bowie is a 180-bed skilled nursing facility. The new facility accommodates 82 semi-private units and 16 private units on its 13.5 acre campus. This new facility, which is over 60,000 square feet, was designed to provide more space for advanced resident treatments, which includes an expanded therapy department that offers speech, occupational and physical therapy, as well as rooms for short-term visitors. The facility is also certified to participate in both Medicare and Medicaid reimbursement programs.