Oxford Finance LLC has provided a $43.3 million loan to Middleburg Heights, Ohio-based Continuing Healthcare Solutions Inc, a provider of healthcare services to senior citizens. The capital was used to buy and provide working capital for eight long-term care facilities in Ohio from the Zandex Group.
ALEXANDRIA, Va. and MIDDLEBURG HEIGHTS, Ohio, Feb. 12, 2019 /PRNewswire/ — Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced the closing of a $43.3 million term loan and line of credit to Continuing Healthcare Solutions, Inc. (“CHS”). These funds were used to purchase and provide working capital for eight long-term care facilities in Ohio from the Zandex Group.
CHS was established over six years ago by long-term industry veterans and has since become the premier provider of long-term care services in Ohio and neighboring regions. The acquisition of the Zandex portfolio enables the CHS team to deliver best in care services to markets in which they have an established footprint.
“Oxford has been impressed with CHS’ highly experienced management team for some time. The opportunity arose with an aggressive timeline, wherein failure to deliver was not an option,” said Tracy S. Maziek, head of healthcare services at Oxford Finance. “We were happy to step up to the challenge and help the organization grow its portfolio once again.”
“We feel these newly acquired facilities are a great strategic fit for our platform,” commented T. Scott Sprenger, president and chief operating officer at CHS. “This is the first time we have worked with the Oxford team, and we were impressed by the firm’s professionalism, timeliness and execution capabilities.”
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences 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 $5 billion in loans, with lines of credit ranging from $5 million to $150 million. Oxford is headquartered in Alexandria, Va., with additional offices in San Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New York City areas. For more information, visit (http://oxfordfinance.com/).
About Continuing Healthcare Solutions, Inc.
Continuing Healthcare Solutions network of communities of over 33 properties offer a range of senior living options including assisted living, skilled nursing and rehabilitation, long-term care, respite care and Alzheimer’s care. For more information visit https://continuinghc.com/.