White Oak Provides $161M For SNF Transaction; $21M Refi in IL

White Oak Provides $161M For Allegiant Healthcare’s 17-SNF Acquisition

White Oak Healthcare Finance made another major financing for a skilled nursing transaction to kick off 2019.

The affiliate of White Oak Global Advisors, LLC acted as sole lender and administrative agent for the funding of a $161 million senior credit facility for Allegiant Healthcare and Hillstone Healthcare, Inc. The funds were used to acquire and provide working capital for a portfolio of 17 skilled nursing facilities in Ohio in what White Oak called a “strategic alliance” between the two providers.

Allegiant provides short-term post-hospital rehabilitation and long-term and specialty care, while Hillstone is an Ohio-based skilled nursing and assisted living operator.

“Allegiant is a very experienced investor that has become one of the top investors in the post-acute care industry,” White Oak managing director Ross Eldridge said in a statement about the deal. “We are excited to support Allegiant in their acquisition and to partner with a talented and growing operator in Hillstone Healthcare. We look forward to working with both groups in the years to come.”

The deal is the latest in a string of skilled nursing moves by White Oak Healthcare Finance. Most recently, the investment company acquired a $700 million portfolio of 12 loans associated with skilled nursing and senior housing properties from Capital One Healthcare and its affiliated banks.

The San Francisco-based firm also 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.

Cambridge Provides $21M HUD Loan for Illinois Refi

Cambridge Realty Capital Companies provided a $21.2 million Department of Housing and Urban Development (HUD) Lean Loan to refinance The Abington of Glenview, a 144-bed SNF located in Glenview, Ill. Cambridge Realty Capital Ltd. of Illinois underwrote the transaction.

The fully-amortized, 35-year loan was arranged using the HUD Section 232 pursuant to Section 223(f) funding program.

The Abington provides a variety of services, including post-operative recovery, wound care, and respite care.

Creative Solutions in Healthcare Acquires SNF in Longview, Texas

Creative Solutions in Healthcare was slated to assume ownership of the 116-bed Whispering Pines Lodge in Longview, Tx., on January 1, the Longview News-Journal reported. Terms of the transaction were not disclosed.

Creative Solutions is planning updates to the grounds and interior of the SNF along with operational changes, the Forth Worth, Tx.-based skilled nursing and assisted living operator told the publication.