A new entrant in the post-acute care market made their first acquisition: a portfolio of four skilled nursing facilities in Texas for an undisclosed price. Formed in June 2015 by Michael Wallace, formerly President of Daybreak Ventures, Shady Shores Communities purchased the four facilities, with 424 beds, from three separate owner/operators. The mostly Medicaid census averaged 70% occupancy across the portfolio. Shady Shores is also in the process of developing three other facilities in Texas. To finance the acquisition, Oxford Finance provided a four-year $7 million senior secured term loan and a $1 million revolving line of credit. Mr. Wallace is wasting no time growing the business, planning on announcing four or five other acquisitions by the end of the year, while staying in Texas.
ALEXANDRIA, Va., Sept. 25, 2015 /PRNewswire/ — Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced the closing of a $7 million senior secured term loan and a $1 million revolving line of credit with Shady Shores Communities LLC (“Shady Shores Communities”). Proceeds from the loan are being used to acquire four skilled nursing facilities in Texas.
“Oxford is pleased to have the opportunity to broaden its ongoing business relationship with Michael G. Wallace and the Shady Shores management team,” said Tracy S. Maziek, managing director at Oxford Finance. “Mr. Wallace has many years of executive-level experience in the skilled nursing field and a deep understanding of his market.”
“Mr. Maziek and his team at Oxford were the obvious choice as a financial partner for our new company. We look forward to growing our relationship in the years to come,” said Michael G. Wallace, chief executive officer of Shady Shores Communities.
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 $2 billion in loans, with lines of credit ranging from $500 thousand to $75 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California,Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.
About Shady Shores Communities LLC
Shady Shores Communities is a Texas-based, long-term care provider specializing in the operation of skilled nursing facilities, memory care facilities, and assisted living. With its headquarters in Denton, Texas, Shady Shores Communities operates four skilled nursing facilities, with three additional campuses under development.
SOURCE Oxford Finance LLC