Oxford Finance's Healthcare Real Estate and ABL Group continued its stable growth in 2023, with Oxford providing over $430 million of capital commitments. The group closed a total of 11 transactions ranging in size from $2.0 million to $89.0 million.
While securing capital posed a challenge for numerous healthcare providers throughout the year, Oxford’s consistency in the marketplace, extensive industry expertise and customizable lending solutions enabled it to form multiple new lending relationships and expand on existing relationships within its current portfolio. Heading into 2024, Oxford remains well-positioned to continue its current expansion trend into the new year and beyond.
Select transactions completed in 2023 include:
Texas Revolving Line of Credit: Oxford provided a $14.25 million revolving line of credit to finance working capital needs for 29 skilled nursing facilities for an expanding Texas-based operator. The credit facility also includes an accordion feature that would allow the borrower to increase the line limit to $27.25 million.
Pennsylvania Recapitalization: Oxford provided a $34.1 million term loan, a $2.5 million mezzanine loan, and a $2.0 million revolving line of credit to recapitalize two skilled nursing facilities and one personal care home containing 168 beds for an experienced Pennsylvania-based operator.
California Acquisitions: Oxford provided a $56.5 million term loan and $6.0 million revolving line of credit to support the acquisition of two behavioral health facilities consisting of 335 licensed beds in southern California for an experienced California-based operator.
In a separate transaction, Oxford provided the same operator with a $16.6 million term loan and $3.0 million revolving line of credit to finance the acquisition of two skilled nursing facilities in northern California consisting of 227 licensed beds.
Illinois Acquisition: Oxford provided a $53.9 million term loan and a $5.0 million revolving line of credit to finance the acquisition of 11 skilled nursing facilities and one independent living facility consisting of 1,080 beds for a growing Illinois-based operator.
West Virginia Acquisition: Oxford provided a $50.0 million term loan and a $10.0 million revolving line of credit to finance the acquisition of two skilled nursing facilities comprised of 165 licensed beds for an expanding regional operator.
Alabama Acquisition and Refinance: In its largest deal of the year, Oxford provided a $75.0 million term loan, a $4.0 million CapEx line, and a $10.0 million revolving line of credit to finance the acquisition of five skilled nursing facilities and refinance existing debt at five additional skilled nursing facilities comprised of 1,113 licensed beds for an experienced Alabama operator.
Florida Acquisition: Oxford provided a $67.4 million term loan and a $15.0 million revolving line of credit to finance the acquisition of three skilled nursing facilities and three assisted living facilities comprised of 733 licensed beds for an established multi-region owner in partnership with a local operator.