MidCap Financial, LLC (“MidCap”), a provider of growth capital to the healthcare industry, announced the closings of two transactions during December 2009 totaling over $20 million dollars. MidCap announced the closing of a $11,600,000 first mortgage loan to a subsidiary entity of Silverado Senior Living (“Silverado”) to acquire an assisted and skilled nursing care for residents with memory impairments located in Salt Lake City, Utah. The facility, Silverado Senior Living – Aspen Park, is comprised of 110 beds for assisted care and 20 beds licensed for skilled care. The loan proceeds were used for both the purchase option and to provide additional working capital to Silverado Senior Living. The Silverado transaction was arranged by Ambrose Capital Group, Inc.
MidCap also announced the closing of a $9,300,000 first mortgage loan to an affiliated entity of New Perspective Senior Living (“New Perspective”). The capital provided by MidCap was used by New Perspective to pay-off its existing lender and buy-out its 3rd party equity investors. The community, Lighthouse of Waconia, is comprised of 78 units and can accommodate up to 83 primary residents. The community is located in Waconia, Minnesota and provides assisted living and memory care services to the seniors that live at the Lighthouse.
“It’s exciting to close on financing during these challenging times, MidCap has been a great partner, we have been particularly impressed with their knowledge of the industry and their ability to work with us in developing a financing structure that accomplished our objectives”, said Ryan Novaczyk, Chief Financial Officer of New Perspective.