Crestline Investors served as administrative agent and sole lead arranger on a senior secured credit facility to support the growth initiatives and refinance existing indebtedness of SUN Behavioral Health.
Founded in 2013 and headquartered in Red Bank, NJ, SUN is a national operator of freestanding psychiatric hospitals. The company operates healthcare facilities in Houston, Columbus, OH, and Erlanger, KY, as well as one newly opened location in Georgetown, DE. It is the fifth largest privately-held psychiatric hospital operator in the United States.
The Crestline facility will provide additional capital to confront the growing unmet need for behavioral health treatment. SUN also plans to to augment newly built locations, including increasing services and available beds in its current geographies.
“Crestline provided a creative financing solution in an expedited timeframe to support the continued growth of SUN Behavioral Health,” said Steve Page, SUN president and CEO. “We are pleased to have Crestline as a lending partner, and we look forward to Crestline remaining a strong financing partner in the years ahead.”
“We have been impressed with the strength of SUN’s leadership team and business model,” said Chris Semple, partner at Crestline Investors. “We are excited to partner with SUN to address the mental health needs of the communities they serve.”
Founded in 1997 and based in Fort Worth, TX, Crestline Investors is an institutional alternative investment management firm which specializes in credit and opportunistic investments, including financing and restructuring solutions for mature private equity funds.