Mid-Atlantic Health Care subsidiary receives loan to buy SNFs
Oxford Finance announced the closing of a uni-tranche $64 million term loan and a $7 million revolving line of credit with a subsidiary of Mid-Atlantic Health Care.
The money will be used to purchase five skilled nursing facilities in Maryland and Pennsylvania from Magnolia Management, and for working capital. CapitalSource was a co-lender on the credit.
MAHC, which has headquarters in Timonium, MD, owns and operates 22 skilled nursing facilities. It was founded in 2003 by Scott Rifkin and Howard Friner.