VANCOUVER, Wash. — Bank Leumi USA funded a $23.5 million deal with Prestige Care, a Vancouver-based operator of 80 senior living and rehabilitation centers across eight Western states.
The deal will refinance one of Prestige Care’s asset-based lending revolvers and a real estate term loan, which will enable it to support a portfolio of 356 operating beds across four skilled nursing facilities in Oregon and Washington and one assisted living facility in Arizona. The refinancing will allow Prestige to restore its liquidity and continue on a growth trajectory.
“As the long-term healthcare industry swiftly adapts to meet the needs of a growing aging population, super-regional operators like Prestige Care are a critical part of the market,” says David Paulson, Leumi chief banking officer.