Bank Leumi USA Bolsters Presence in Healthcare Space with $23.5M Prestige Care, Inc. Deal
18 Februar 2021 - 03:15PM
Business Wire
The financing transaction provides Prestige Care with real
estate term debt and an ABL revolver
Bank Leumi USA announced today that it has booked and funded a
$23.5M deal with Prestige Care, a third-generation family operator
of 80 senior living and rehabilitation centers across eight states
in the western United States. The deal includes a significant
treasury management relationship for Leumi in the West Coast
region.
The deal will refinance one of Prestige Care’s ABL 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 its growth trajectory.
“As the longterm 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,” said David
Paulson, Leumi Chief Banking Officer. “Operators are faced with new
demands in services and reimbursement capabilities and they need a
lending partner that not only brings a strong track record in
healthcare, but also understands where the market is going. We’re
thrilled to provide financing to Prestige Care as they navigate
this rapidly-evolving industry.”
Leumi has served the healthcare industry for 40 years and is
committed to growing with the industry over the coming decades.
“In the midst of a global pandemic and after 25 years with our
prior banking partner, they decided to exit the industry,” said
Prestige’s CFO Tom Mitchell. “Prestige conducted a competitive
nationwide search and we are extremely pleased to announce Bank
Leumi as our new banking partner, as they impressed us greatly with
their commitment to our industry in these trying times. We look
forward to expanding our relationship with Bank Leumi as they
expand their presence in our industry.”
About Leumi Bank Leumi USA (Leumi) is a full-service
commercial and private banking institution providing financial
services to middle market firms, as well as a full range of private
banking solutions to domestic and international clients. Leumi also
offers a broad range of securities and insurance products through
its brokerage subsidiary, Leumi Investment Services Inc. More
information about Leumi is available at www.leumiusa.com.
About Prestige Care, Inc. Prestige Care operates a family
of more than 80 senior communities throughout the western United
States. Founded in 1985, Prestige Care provides a comprehensive
senior service experience, offering assisted living, independent
living, memory care, skilled nursing and rehabilitation. The
company holds firm to a set of core values – respect, integrity,
commitment and trust – that guide every aspect of its mission to
personally touch lives every day. For more information on Prestige,
visit its website at www.prestigecare.com.
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Maya Zafrir Bank Leumi USA 212-626-1365
Maya.Zafrir@leumiusa.com
Eleis Brennan Lansons Intermarket 212-754-5610
ebrennan@intermarket.com