White Oak Healthcare Finance acted as sole lender and administrative agent on a $34.8 million senior credit facility to Vita Healthcare Group. The financing included a $31.8 million term loan and a $3 million working capital line of credit.
The funds were used to finance the acquisition of two skilled nursing facilities, consisting of 295 beds, in Maryland.
“Vita has a proven track record of identifying underperforming facilities that can benefit from the oversight of a smaller, regionally-focused operator,” said Ross Eldridge, managing director at White Oak. “They have a strong culture of raising resident satisfaction and quality of care in facilities they acquire. We are thrilled to have partnered with them and look forward to growing with them in the future.”
“We are very excited to have the opportunity to take care of those who need it and give back to the community, residents and staff. It was a pleasure working with the team at White Oak. Their speed and certainty of execution gave us tremendous confidence in them as our partners. We are confident that together we can bring these facilities to the next level to ensure the highest standard of care and well-being for the residents,” said Israel Birnbaum, partner at Vita.
Based in New Jersey, Vita Healthcare Group provides sub-acute, rehabilitative and long-term specialty care services in the Northeast region and is committed to providing the high-level care and professionalism to its residents.
