Capital One Commercial Bank announced it provided a $34 million credit facility to Rollins-Nelson, an owner and operator of skilled nursing facilities, assisted living facilities and acute hospitals in California. The financing package consisted of a $30 million senior secured term loan and a $4 million revolving credit line.

Proceeds from the term loan were used to refinance Glendora Grand, a 342-bed skilled nursing facility located in Glendora, CA, and Long Beach, CA-based Palmcrest, which consists of Pacific Villa, with 99 skilled nursing beds, and Palmcrest House, with 262 residential care facilities for the elderly (RCFE) beds.

The revolving credit line was allocated between two skilled nursing facilities and used to refinance existing debt and support ongoing operations.

“We were pleased to offer Rollins-Nelson a tailored solution to their financing needs,” said Shane Passarelli, SVP, Capital One Commercial Bank. “Our team helped them consolidate their complex capital structure at competitive interest rates and provided the banking service solutions they needed to support their growing business.”

“Capital One Bank provided substantial cost savings by consolidating much of our debt at very favorable terms,” said William Nelson, president, Rollins-Nelson. “With our new, more efficient, comprehensive treasury platform in place, our management will be able to devote more resources to our core mission of delivering high-quality care to residents. Thanks to their experience, the members of Capital One’s healthcare team were able to create a structure with the flexibility to address the company’s needs now while anticipating future requirements.” Rollins-Nelson will have access to additional liquidity during the term of the loan based on performance objectives.