Capital One is Joint Bookrunner for Parkwood, Palm Garden
Capital One Bank today announced it acted as a joint bookrunner for an $85 million, seven-year senior secured term loan to subsidiaries of Parkwood Properties and a $30 million revolver loan to Palm Garden Healthcare Holdings.
Parkwood Properties will use the term loan to refinance existing debt and to finance upgrades and renovations to long-term care facilities collectively owned by Florida Convalescent Centers and Springdale Health Centers. Palm Garden and its subsidiaries will use the revolver to fund ongoing working capital requirements of the skilled nursing and assisted living facilities they now operate through the transaction closing.
Florida Convalescent Centers and Springdale Health Centers own 14 skilled nursing facilities and one assisted living facility in Florida, with a total of 1,921 licensed and available beds. Florida Convalescent Centers and Palm Garden also will expand their banking relationship with Capital One Bank to include deposit and treasury management services.
“The team at Capital One Bank stood out because of its industry expertise and willingness to develop a customized financing solution suited for our specific needs,” said Morris Miller, president and CEO of Palm Healthcare Management. “With Capital One’s help Parkwood and Palm Garden are now able to improve their operating structure and upgrade their facilities, which will benefit both our companies and the residents using our facilities.”
“We are pleased to work with Parkwood Properties and Palm Garden to provide financing for improvements and to provide ongoing working capital to their long term care facilities,” said Keith Kodrin, senior director, Healthcare Real Estate, Commercial and Specialty Finance, Capital One Bank. “Parkwood and Palm Garden have a strong leadership team that is committed to offering high quality care and we look forward to working with them.”