SARASOTA, FLA. — Capital One Financial Corp. has provided a $162.5 million senior secured credit facility for Palm Garden Healthcare.
The Sarasota-based company owns a total of 1,931 beds across 14 skilled nursing facilities and an assisted living facility. The company also operates home care agencies and provides outpatient therapy.
Palm Garden locations can be found in cities throughout Florida, including Aventura, Clearwater, Gainesville, Jacksonville, Largo, Ocala, Sun City Center, Orlando, Pinellas, Port St. Lucie, Tampa, Vero Beach, West Palm Beach and Winter Haven.
The credit facility consists of a real estate term loan, a capital expenditure line of credit and an asset-based revolver. Palm Garden will use the proceeds to refinance existing debt and provide capital to expand and improve its facilities.
Mclean, Va.-based Capital One is a leading provider of financial services to the healthcare industry, with over $11 billion in total outstanding balances.
— Katie Sloan