Bethesda, Md. (October 24, 2016) – Capital One announced today that it served as sole lead arranger and administrative agent for a $162.5 million senior secured credit facility consisting of a real estate term loan, a capex line of credit and an asset-based revolver.
Palm Garden Healthcare, the borrower, owns 14 skilled nursing facilities and an assisted living facility in Florida with a total of 1,931 beds. The company is using the proceeds to refinance existing debt and provide capital to expand and improve its facilities. Led by an experienced management team, they also operate home care agencies and provide outpatient therapy and rehabilitation services at their facilities.
“As Palm Garden Healthcare has evolved, they’ve needed a variety of financial solutions to maintain and grow their business,” said Jim Seymour, managing director for Capital One Healthcare’s real estate team. “We were able to leverage expertise from across our healthcare business to structure a credit facility that enables the company to continue serving their residents.”
Capital One Healthcare is a leading provider of financial services to the industry with over $11 billion in total outstanding balances. Customers across healthcare sectors—including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices—rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth expertise, our team of professionals creates solutions tailored to meet the needs of our customers.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $221.1 billion in deposits and $339.1 billion in total assets as of June 30, 2016. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
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