NEW YORK--(BUSINESS WIRE)--Bank Leumi USA announced today that it has booked and funded a $23.5M deal with Prestige Care, a third-generation family operator of 80 senior living and rehabilitation centers across eight states in the western United States. The deal includes a significant treasury management relationship for Leumi in the West Coast region.
The deal will refinance one of Prestige Care’s ABL revolvers and a real estate term loan, which will enable it to support a portfolio of 356 operating beds across four skilled nursing facilities in Oregon and Washington and one assisted living facility in Arizona. The refinancing will allow Prestige to restore its liquidity and continue on its growth trajectory.
“As the longterm healthcare industry swiftly adapts to meet the needs of a growing aging population, super regional operators like Prestige Care are a critical part of the market,” said David Paulson, Leumi Chief Banking Officer. “Operators are faced with new demands in services and reimbursement capabilities and they need a lending partner that not only brings a strong track record in healthcare, but also understands where the market is going. We’re thrilled to provide financing to Prestige Care as they navigate this rapidly-evolving industry.”
Leumi has served the healthcare industry for 40 years and is committed to growing with the industry over the coming decades.
“In the midst of a global pandemic and after 25 years with our prior banking partner, they decided to exit the industry,” said Prestige’s CFO Tom Mitchell. “Prestige conducted a competitive nationwide search and we are extremely pleased to announce Bank Leumi as our new banking partner, as they impressed us greatly with their commitment to our industry in these trying times. We look forward to expanding our relationship with Bank Leumi as they expand their presence in our industry.”
Bank Leumi USA (Leumi) is a full-service commercial and private banking institution providing financial services to middle market firms, as well as a full range of private banking solutions to domestic and international clients. Leumi also offers a broad range of securities and insurance products through its brokerage subsidiary, Leumi Investment Services Inc. More information about Leumi is available at www.leumiusa.com.
About Prestige Care, Inc.
Prestige Care operates a family of more than 80 senior communities throughout the western United States. Founded in 1985, Prestige Care provides a comprehensive senior service experience, offering assisted living, independent living, memory care, skilled nursing and rehabilitation. The company holds firm to a set of core values – respect, integrity, commitment and trust – that guide every aspect of its mission to personally touch lives every day. For more information on Prestige, visit its website at www.prestigecare.com.