Healthcare Finance Group Provides $12 Million to Restora Healthcare
Healthcare Finance Group, LLC (HFG) announced that it has provided a $7 million revolving line of credit and a $5 million term loan facility to Restora Healthcare Holdings, LLC.
Restora Healthcare Holdings, formed in June 2011 to build and operate a national long term acute care hospital company, has purchased certain assets of Trillium Specialty Hospitals. Trillium was established in May 2008 to develop and operate two identical 48,000 square feet freestanding facilities in Phoenix, Arizona that combine a long term acute care unit with a co-located sub-acute skilled nursing transitional care unit.
Proceeds from the financing facility were used in support of the acquisition of the Trillium assets by HealthCap, LLC and Restora management, and to provide capital for ongoing operations. Restora was advised in the transaction by Coker Capital Advisors.
Rod Laughlin, CEO of Restora, said “HFG worked diligently to structure a solution that met our needs and worked hard to provide Restora with the financing we need for growth. HFG demonstrated a strong understanding of the LTAC space and we are pleased to have HFG as our lending partner.”
“HFG quickly saw the value in this project, and worked in concert with us to bring it to realization”, said Kip Weatherwax, managing director of HealthCap. “We are glad to have them as a lending partner and look forward to our continued relationship.”
Regarding the transaction, Christopher Smith, SVP for HFG, said “With its industry-leading management team, paired with the strong financial and operation backing from HealthCap, Restora is well positioned to be a strong provider in the attractive Phoenix long term acute care market. HFG is pleased to be able to support Restora in both its initial and long-term growth plans, and we look forward to a mutually beneficial relationship.”
HFG is a specialty lender dedicated exclusively to providing secured debt financing to healthcare companies.