Crestline Investors Inc has provided a senior secured credit facility to Red Bank, New Jersey-based SUN Behavioral Health Inc, a national operator of freestanding psychiatric hospitals. No financial terms were disclosed.
FORT WORTH, Texas, Jan. 7, 2019 /PRNewswire/ — Crestline Investors, Inc. (“Crestline”), is pleased to announce the recent closing of a Senior Secured Credit Facility (the “Facility”) to support the growth initiatives of SUN Behavioral Health, Inc. (“SUN” or the “Company”) as well as refinance existing indebtedness. Crestline served as Administrative Agent and Sole Lead Arranger on the Facility.
Founded in 2013 and headquartered in Red Bank, NJ, SUN is a national operator of freestanding psychiatric hospitals. The Company operates healthcare facilities in Houston, TX, Columbus, OH, and Erlanger, KY as well as one newly opened location in Georgetown, DE. Given its scale as the 5th largest privately held psychiatric hospital operator in the United States, the Company is able to differentiate itself through its breadth of services and flexibility to treat a diverse patient population.
The Facility from Crestline provides SUN with additional capital to confront the growing unmet need for behavioral health treatment. SUN plans to continue its growth strategy of augmenting newly built locations, including increasing services and available beds in its current geographies.
“Crestline provided a creative financing solution in an expedited timeframe to support the continued growth of SUN Behavioral Health,” said Steve Page, President and CEO of SUN Behavioral Health. “We are pleased to have Crestline as a lending partner and we look forward to Crestline remaining a strong financing partner in the years ahead.”
“We have been impressed with the strength of SUN’s leadership team and business model,” said Chris Semple, Partner at Crestline Investors. “We are excited to partner with SUN to address the mental health needs of the communities they serve.”
About SUN Behavioral Health
Founded in 2013, SUN Behavioral Health operates hospitals that provide various behavioral health services to children, youth, adults, and seniors. The company’s services include inpatient psychiatric and substance abuse treatment, partial hospitalization programs, intensive outpatient programs, 24-hour assessments, and crisis stabilization. SUN collaborates with medical and surgical centers, physicians and behavioral healthcare providers as well as local schools and social service agencies to ensure that its hospitals provide patients and their families with a seamless continuum of care that meets the highest standards of treatment. SUN is based in Red Bank, New Jersey.
For more information, visit www.sunbehavioral.com.
About Crestline Investors, Inc.
Crestline Investors, Inc., founded in 1997 and based in Fort Worth, Texas, is an institutional alternative investment management firm. Crestline specializes in credit and opportunistic investments, including financing and restructuring solutions for mature private equity funds. In addition, the firm manages a multi-PM equity market-neutral hedge fund, and provides Beta and Hedging Solutions for Institutional clients. The company maintains affiliate offices in New York City, Chicago, London, Toronto and Tokyo. For more information, visit www.crestlineinvestors.com.