VANCOUVER, Wash. — Capital One has provided a $41.1 million first mortgage loan and a $5 million senior credit facility for Prestige Care, a Vancouver-based owner-operator.
The company used the mortgage loan to acquire four senior housing and skilled nursing facilities in Washington and Idaho, as well as to refinance three facilities it owns in Oregon and Washington. Together, the facilities total 751 units. Prestige will use the revolver to support general corporate purposes and working capital needs.
Prestige is acquiring:
- Colonial Vista in Wenatchee, Wash.
- Hearthstone Cottage of Ellensburg in Ellensburg, Wash.
- Hearthstone Cottage of East Wenatchee in East Wenatchee, Wash.
- Karcher Estates in Nampa, Idaho
The company is refinancing:
- Coast Fork Nursing in Cottage Grove, Ore.
- Oregon City in Oregon City, Ore.
- Prestige Assisted Living at Hazel Dell in Vancouver, Wash.
Founded in 1985, Prestige Care operates a portfolio of more than 80 senior care communities in eight Western states. It specializes in revamping facilities in rural, medium-sized markets.