White Oak Healthcare Finance acted as administrative agent and lead lender on the funding of a $190 million senior credit facility of 17 skilled nursing facilities for BM Eagle Holdings, a joint venture led by affiliates of BlueMountain Capital Management. The facilities are located in Northern California and New England.
“BlueMountain has been very active in the healthcare industry, seeking out opportunistic investments over the past several years, and is a leading investor in the post-acute care industry,” said Ross Eldridge, managing director at White Oak. “We continue to become increasingly relevant in the healthcare real estate space and it was a pleasure to work with their talented investment professionals on this transaction.”
BlueMountain has $22 billion in assets under management, including equity and debt in commercial real estate, as well as investments in operating businesses with real estate exposure. The BM Eagle joint venture was formed by BlueMountain to acquire under-managed health care real estate assets and execute value enhancing strategies through investments in both management and physical plant upgrades.
“White Oak provided us with an extremely compelling financing package that met our needs as an owner of post-acute care facilities. Their non-bank approach to lending provided flexibility, speed and certainty of execution,” said BM Eagle Managing Partner Elliott Mandelbaum.