Capital One Closes Term Loan, Revolver for Acquisition
Capital One Bank provided a $60 million secured term loan to be used to acquire a portfolio of 19 skilled nursing facilities in Indiana and Iowa. The bank also provided a $6 million revolving line of credit to fund ongoing working capital at the facilities.
The floating-rate loan has a five-year term and is structured as a bridge to permanent HUD financing, noted Joshua Rosen, SVP of originations. “Capital One’s ability to offer agency financing as well as balance sheet lending provides a full range of lending solutions to meet the needs of a broad range of transactions.”
“This was a complex transaction with many moving parts, but we were able to offer competitive pricing as well as a creative structure,” said Scott Rossbach, Investment Officer, commercial and specialty finance, Capital One Bank. “We used our deep market knowledge and a hands-on approach to develop a tailored financing solution.”