BETHESDA, Md. — MidCap Financial, a specialty finance firm focused on the middle market in North America and Europe, has closed a $50 million transaction with Rice Health Care Centers, Inc. The loan is secured by 22 seniors housing and skilled nursing facilities on 16 distinct campuses throughout Wisconsin, and one in Michigan.
At the time of the refinance Rice entered into a lease with KBWB Operations – Rice, LLC, a newly formed entity of Atrium Health and Senior Living. Under the lease agreement, Atrium operates the facilities and has a purchase option it may exercise on or before Dec. 31, 2016.
In addition to the mortgage term loan for Rice, MidCap provided Atrium with over $8 million of working capital financing secured by accounts receivable. Financing was arranged by Kevin Breslin of Atrium.