CIBC Bank USA recently closed a $76 million transaction for a California-based operator to refinance acquisition debt on three formerly distressed properties in the Golden State. Those properties include two skilled nursing facilities and one assisted living community. The deal included a $60 million term loan and a $16 million working capital facility.
The term loan will also help support the company’s overall balance sheet, while the working capital will be used across the 13 properties and more than 1,000 beds in the operator’s portfolio.
