Oxford Finance announced that its Healthcare Real Estate and ABL Group provided over $430 million of capital commitments in 2023. The group closed a total of 11 transactions ranging in size from $2.0 million to $89.0 million. Heading into 2024, with a more favorable interest rate environment, Oxford intends to continue its current expansion trend.
First, Oxford provided a $14.25 million revolving line of credit to finance working capital needs at 29 skilled nursing facilities for an expanding Texas-based operator. The credit facility also includes an accordion feature that would allow the borrower to increase the line limit to $27.25 million. Next, Oxford provided a $34.1 million term loan, or around $203,000 per bed, a $2.5 million mezzanine loan and a $2.0 million revolving line of credit to recapitalize two skilled nursing facilities and one personal care home containing 168 beds for an experienced Pennsylvania-based operator.
Oxford also closed a $56.5 million term loan and $6.0 million revolving line of credit to support the acquisition of two behavioral health facilities consisting of 335 licensed beds in southern California for an experienced California-based operator. In a separate transaction, Oxford provided the same operator with a $16.6 million term loan and $3.0 million revolving line of credit to finance the acquisition of two skilled nursing facilities in northern California consisting of 227 licensed beds.
Separately, Oxford provided a $50.0 million term loan and a $10.0 million revolving line of credit to finance the acquisition of two skilled nursing facilities comprised of 165 licensed beds for an expanding regional operator.
Then, in its largest deal of the year, Oxford provided a $75.0 million term loan, a $4.0 million capex line and a $10.0 million revolving line of credit to finance the acquisition of five skilled nursing facilities and refinance existing debt at five additional skilled nursing facilities comprised of 1,113 licensed beds for an experienced Alabama operator.
Lastly, Oxford provided a $67.4 million term loan and a $15.0 million revolving line of credit to finance the acquisition of three skilled nursing facilities and three assisted living communities comprising 733 licensed beds for an established multi-region owner in partnership with a local operator.
