Capital One Closes $70 Million for Signature HealthCARE
Capital One Bank announced it closed a three-year $70 million revolving line of credit for Signature HealthCARE, a provider of long-term care services in the Eastern and Southeastern United States. Proceeds of the facility will be used to fund Signature HealthCARE’s growth opportunities.
“We are thrilled to provide Signature HealthCARE with access to capital to help the company advance its growth strategy,” said Patrick Coffey, managing director, Capital One Bank. “Signature HealthCARE has the reputation of being a premier skilled nursing facility provider and we look forward to partnering with the company’s executive team to expand its business.”
Headquartered in Louisville, KY, Signature HealthCARE operates 73 long-term care facilities in Alabama, Florida, Georgia, Kentucky, Maryland, Pennsylvania and Tennessee with 8,857 licensed beds. Through these facilities, Signature HealthCARE provides rehabilitation, clinical consulting services and advanced disease management programs to its residents.
“The team at Capital One Bank stood out because of the group’s industry expertise and willingness to develop a unique financing solution to fit our needs,” said Joe Steier, president and CEO of Signature HealthCARE. “Capital One Bank has been a great partner, particularly given the combination of its strong balance sheet and its team of professionals who have served the healthcare industry for decades. This partnership helps us grow and maintain quality care at our existing facilities.”
Capital One Bank’s Healthcare team partners with clients in the healthcare and long-term care industries by providing real estate and enterprise term loans, as well as revolving lines of credit, to help address core business needs.