NEW YORK--(BUSINESS WIRE)--White Oak Healthcare Finance, LLC (“White Oak”), today announced it acted as sole lender and administrative agent on the funding of a $34.8 million senior credit facility to Vita Healthcare Group, LLC (“Vita”). The funds were used to finance the acquisition of two skilled nursing facilities, consisting of 295 beds in Maryland. The financing included a $31.8 million term loan and a $3.0 million working capital line of credit.
“Vita has a proven track record of identifying underperforming skilled nursing facilities that can benefit from the oversight of a smaller, regionally focused operator,” said Ross Eldridge, Managing Director at White Oak. “They have a strong culture of raising resident satisfaction and quality of care in facilities they acquire. We are thrilled to have partnered with them and look forward to growing with them in the future.”
Vita is a privately held company which, together with its affiliates, specializes in operating and managing skilled nursing facilities. Vita is committed to providing the highest level of care and professionalism to its residents and the surrounding communities. “We are very excited to have the opportunity to take care of those who need it and give back to the community, residents and staff. It was a pleasure working with the team at White Oak. Their speed and certainty of execution gave us tremendous confidence in them as our partners. We are confident that together we can bring these facilities to the next level to ensure the highest standard of care and well-being for the residents,” said Israel Birnbaum, Partner of Vita.
About Vita Healthcare Group LLC
Vita Healthcare Group, based in New Jersey, provides sub-acute, rehabilitative, and long-term specialty care services in the Northeast region, and is committed to providing the highest level of care and professionalism to its residents and the surrounding communities. In future investments, Vita Healthcare is seeking to grow in the Mid-Atlantic region. For more information visit www.vitahealthcaregroup.com
About White Oak Healthcare Finance
White Oak Healthcare Finance, LLC (“WOHCF”), an affiliate of White Oak Global Advisors, LLC is a lender to all subsectors within the healthcare industry including healthcare services, pharma and life sciences, medical devices, healthcare technology, healthcare real estate, hospitals and SNFs. WOHCF has deep domain expertise with a sole focus on healthcare which enables it to provide flexible and creative solutions with certainty of execution. WOHCF offers a differentiated product set including cash flow term loans, asset based loans and ABL Stretch facilities, unitranche facilities, last out financings, real estate financings, equipment financings and opportunistic investments. As a lender with large pools of capital to deploy, WOHCF generally holds its full loan positions to maturity.
About White Oak Global Advisors
White Oak Global Advisors, LLC is a leading global alternative asset manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. Since its inception in 2007, White Oak Global Advisors’ disciplined investment process focuses on delivering risk-adjusted investment returns and establishing long term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.
