From the Wires
Oxford Finance Provides $20 Million Debt Financing Facility to American Senior Living Communities
By: PR Newswire
Jan. 4, 2013 12:14 PM
ALEXANDRIA, Va., Jan. 4, 2013 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life science and healthcare services companies, today announced that it closed a $16 million senior secured term loan and $4 million revolving line of credit with American Senior Living Communities ("ASLC"). Proceeds of the term loan were used to refinance two skilled nursing facilities in Rhode Island, and the revolver will be used to fund ongoing working capital needs at these sites.
"ASLC is extremely well-managed and highly respected in the seniors housing industry," said Christopher A. Herr, managing director for Oxford Finance. "Oxford provided capital to ASLC in the past to support its Rhode Island skilled nursing facility, and we are very pleased to have the opportunity to expand our relationship."
"ASLC has been extremely pleased with its relationship with Oxford, beginning with the original revolving line of credit implemented shortly after our acquisition of Trinity Health and Rehabilitation Center," said Jeffrey A. Barnhill, executive vice president and chief financial officer for ASLC. "We are additionally pleased to have the opportunity to strengthen our relationship with Oxford via the refinancing of our first mortgage debt for the two Rhode Island properties, and the expansion of our revolving line of credit. ASLC very much appreciates the professional and expeditious manner in which Oxford supports our relationship."
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