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Bank provides $40 million to finance acquisition, operations of 28 SNFs and ALFs

A bank provided a $40 million asset-based revolving credit facility to the new operators of 28 skilled nursing and assisted living facilities in Delaware, Maryland, New Jersey, Pennsylvania and West Virginia secured by, among other things, government and non-government receivables. The transaction closed in three separate stages including amendments and joinders.

Waller represented the bank as AR lender in the transaction. The matter involved extensive healthcare licensure and regulatory diligence including relating to a change of ownership for all 28 facilities and transition of accounts receivable from the prior operator, as well as intercreditor agreements with unrelated landlords.

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Abbey Mansfield Ruby
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