White Oak Lands $190M Financing for 17 Former Kindred SNFs

White Oak Healthcare Finance helped arrange a $190 million senior credit facility for 17 skilled nursing facilities owned by the joint venture BM Eagle Holdings, led by affiliates of BlueMountain Capital Management.

White Oak acted as administrative agent and lead lender on the funding of the credit facility, which will be used for facilities in New England and Northern California.

“White Oak provided us with an extremely compelling financing package that met our needs as an owner of post-acute care facilities,” BM Eagle managing partner Elliott Mandelbaum said in a press release announcing the transaction. “Their non-bank approach to lending provided flexibility, speed and certainty of execution.”

BM Eagle Holdings struck a deal to buy Kindred Healthcare’s skilled nursing business — consisting of 89 properties — for $700 million in cash last year, and the $190 million credit financing was for buildings that were part of the Kindred transaction, a spokesperson for White Oak told Skilled Nursing News.

BM Eagle has since sold off some of those properties, including seven in Idaho that went to CareTrust REIT (Nasdaq: CTRE) under the operation of Cascadia Healthcare.

Representatives from White Oak were not available to speak to SNN before press time.

BlueMountain has $22 billion in assets under management, and the BM Eagle joint venture was established to acquire under-managed health care real estate assets and execute value-enhancing strategies.

Written by Maggie Flynn

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Maggie Flynn
Business reporter at Aging Media Network
When she's not working, Maggie enjoys running, reading, writing and sports, in no particular order. Favorite things include murder mysteries, Lake Michigan and the Pittsburgh Penguins.

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