CIT’s Healthcare Finance business closed on a $136.9 million senior secured credit facility on behalf of CommuniCare Health Services. An active skilled nursing facility acquirer in recent years, with large portfolio purchases in Maryland, Ohio, West Virginia and Virginia, CommuniCare currently operates 73 facilities in seven states.
It’s looking to expand further, however, and acquired 10 skilled nursing facilities in Ohio, with the help of the $121.9 million term loan secured by CIT. Making up the rest of the credit facility was a $15 million revolving asset-based line of credit, which provides CommuniCare ongoing working capital financing. CIT served as the administrative agent on the senior credit facilities.
