ALEXANDRIA, Va.--(BUSINESS WIRE)--Oxford Finance LLC (“Oxford”), a leading specialty finance firm providing senior debt to healthcare services and life sciences companies worldwide, today announced the closing of a $24 million senior credit facility with Lantern Group (“Lantern” or “the Company”), an owner and operator of skilled nursing and assisted living facilities. The funds were used to acquire three assisted living and memory care facilities located in Ohio, Lantern of Chagrin, Lantern of Madison, and Lantern of Saybrook.
Lantern was founded in 2004 by CEO Jean Makesh and is headquartered in Northeast Ohio. The Company has been the operator of the three subject facilities since their original construction. The Company will continue to operate the 219 units under the Lantern brand, which focuses on helping Alzheimer’s and dementia patients age more healthfully by providing superior services consistent with the needs of the elderly.
“We are pleased to have the opportunity to work with Lantern Group,” said Tracy S. Maziek, head of healthcare services at Oxford. “The Company has a clear focus on developing top-notch therapeutic care standards to manage and treat individuals with Alzheimer's disease and other forms of dementia.”
“This buyout has been in the works for quite some time. Oxford helped us successfully navigate the few twists and turns along the way,” stated CEO Jean Makesh.
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 $7 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 https://oxfordfinance.com/