|By PR Newswire||
|January 4, 2013 12:14 PM EST||
ALEXANDRIA, Va., Jan. 4, 2013 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life science and healthcare services companies, today announced that it closed a $16 million senior secured term loan and $4 million revolving line of credit with American Senior Living Communities ("ASLC"). Proceeds of the term loan were used to refinance two skilled nursing facilities in Rhode Island, and the revolver will be used to fund ongoing working capital needs at these sites.
"ASLC is extremely well-managed and highly respected in the seniors housing industry," said Christopher A. Herr, managing director for Oxford Finance. "Oxford provided capital to ASLC in the past to support its Rhode Island skilled nursing facility, and we are very pleased to have the opportunity to expand our relationship."
"ASLC has been extremely pleased with its relationship with Oxford, beginning with the original revolving line of credit implemented shortly after our acquisition of Trinity Health and Rehabilitation Center," said Jeffrey A. Barnhill, executive vice president and chief financial officer for ASLC. "We are additionally pleased to have the opportunity to strengthen our relationship with Oxford via the refinancing of our first mortgage debt for the two Rhode Island properties, and the expansion of our revolving line of credit. ASLC very much appreciates the professional and expeditious manner in which Oxford supports our relationship."
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life science and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $1.5 billion in loans, with lines of credit ranging from $500 thousand to $40 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Illinois, Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.
About American Senior Living Communities
American Senior Living Communities ("ASLC") is a regional operator of senior housing communities committed to providing high quality and cost effective health care to their residents. ASLC has a portfolio of four properties, totaling 568 licensed beds. The portfolio, which is concentrated in the Northeast, includes three skilled nursing communities and one assisted living community. ASLC is headquartered in East Greenwich, RI, with additional offices in Florida and Frederick, MD. For more information visit www.aslci.com.
SOURCE Oxford Finance LLC