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NOVI, Mich. — Oxford Finance LLC has arranged a $109.8 million term loan to Optalis Healthcare, a Novi-based skilled nursing owner.
The term loan included $29.8 million junior capital provided by Oxford.
The proceeds will be used for the acquisition of four skilled nursing facilities and one assisted living facility in Michigan from the Premier Healthcare Management joint venture. The acquisition includes 890 beds in Oakland and Macomb counties.
Optalis, led by principals Raj Patel, Hemant Shah, and Charles Dunn, now owns 15 facilities in three states, with annual revenues exceeding $200 million and Total Assets value exceeding $400 million.