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Capital One Closes $11.5MM Credit Line for Long Term Care Facility

May 14, 2015, 07:03 AM
Filed Under: Healthcare

Capital One Commercial Bank provided a $11.5 million revolving line of credit and a standby letter of credit to Carespring Healthcare Management. The line of credit will be used to refinance the company’s existing facilities and provide increased capacity to accommodate growth with the opening of a new skilled nursing facility in their portfolio. 

Carespring is a privately held, owner and operator of long term care facilities in Ohio and Kentucky, and operates eleven skilled nursing facilities and one assisted living facility. Their services include a continuum of care from assisted living, rehabilitation, nursing and hospice care including physical, occupational and speech therapy.  The company is a repeat customer of the healthcare team at Capital One Bank.

“Carespring has a strong reputation of developing and operating high-quality senior care centers in Southern Ohio and Northern Kentucky,” said Dan Berger, Director, Capital One Commercial Bank.  “We are pleased to work with a client of this caliber and look forward to helping them continue to grow their business.”

Capital One closed the transaction while negotiating multiple inter-creditor agreements and managing the movement of several credit facilities to the bank.  “The Capital One team’s in-depth knowledge of the skilled nursing model, ability to navigate the multiple parties involved, and detailed understanding of our financing goals were all critical in meeting our needs,” said David Eppers, CFO of Carespring.

Capital One Bank’s healthcare team provides a wide array of banking and lending solutions to the long-term care industry, as well as the broader healthcare marketplace, including real estate loans, enterprise term loans and revolving lines of credit to address their capital needs.

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