Daily News: January 17, 2014

Congressional, HHC Provide ABL to Cypress Skilled Nursing

Congressional Bank and HHC Funding, an affiliate of Housing & Healthcare Finance, announced the closing of a $5.5 million asset-based line of credit to Cypress Skilled Nursing, LLC and their affiliates.

The line of credit will be used for ongoing working capital needs associated with Cypress Skilled Nursing’s acquisition of the operations of nine skilled nursing facilities located in Georgia.

“We were pleased to have been selected by Cypress Skilled Nursing to support their working capital financing needs,” said Amy Heller, SVP of Healthcare Lending at Congressional Bank. “HHC Funding and Congressional worked hard to close this financing in an expedited manner while structuring a transaction that met the requirements of the various parties involved in the process. We look forward to furthering our relationship with Cypress Skilled Nursing.”

“Our entire team was impressed with the speed and execution capabilities of Congressional Bank and HHC Funding. With a tight timeline and an ever changing deal structure, Amy and her team were able to swiftly adapt and make necessary modifications” said CEO Forrister of Cypress Skilled Nursing. “We look forward to a longstanding relationship with Congressional and HHC.”

“Cypress Skilled Nursing recognized our deep expertise and gave us the opportunity to arrange financing that supports their growth plans,” said Rich Lerner, director of HHC Funding. “Our lending platform allows us to offer healthcare companies a complete range of financing solutions.”