Presitge Care killed two birds with one stone in its latest transaction with Capital One. The Oregon-based owner/operator of senior care facilities in the Pacific Northwest received a $41.1 million first mortgage from Capital One to both finance the acquisition of four seniors housing and skilled nursing facilities (which was announced last August) and refinance three of its existing facilities. Capital One also provided a $5 million senior credit facility for general corporate purposes and working capital needs.
Located in Wenatchee, East Wenatchee and Ellensburg, Washington, and Nampa, Idaho, the acquired communities, which were previously owned by industry veteran Carl Campbell, were in need of some physical and operational upgrades, which the loan will fund. In addition, the loan featured an earn-out, allowing Prestige Care to potentially recapture equity. Meanwhile, the refinanced properties are located in Cottage Grove and Oregon City, Oregon, and Vancouver, Washington.
