SOURCE: Doral Financial Corporation

May 02, 2011 17:00 ET

Doral Healthcare Finance Provides $2.2 Million Financing to Parkview Community Hospital Medical Center

PORTLAND, OR--(Marketwire - May 2, 2011) - Doral Healthcare Finance ("DHF") today announced it has provided a two year $2.2 million, asset-based line of credit to Parkview Community Hospital Medical Center ("Parkview"), an acute care hospital located in Riverside, California.

Proceeds from the transaction were used in combination with Parkview's financing from the U.S. Department of Housing and Urban Development (HUD) Section 242/223(f) program to refinance existing obligations, support working capital needs and position the hospital for future growth initiatives. Parkview is the first hospital to be funded under the expanded Section 223(f) program and DHF is proud to have been part of this transaction.

"We are excited to provide this line to Parkview and have the opportunity to work with HUD on their new Section 242/223(f) refinancing program. We are pleased that this line will support Parkview to continue to focus on the health care needs of their community," said Jennifer Sheasgreen, DHF Managing Director.

"This is a new beginning for Parkview Community Hospital. It has been an incredible journey which would never have been accomplished without the support of HUD and Doral Healthcare Finance. We are looking forward to our partnership with Doral," said Patricia Lepe, Chief Financial Officer of Parkview.

About Doral Healthcare Finance

Doral Healthcare Finance provides asset-based, working capital lines of credit to providers of goods and services in the healthcare industry nationwide, including hospitals, home healthcare agencies and long-term care facilities with financing needs from one million to $20 million. Doral serves clients nationwide from their headquarters in Portland, Oregon. For more information on DHF services, please visit www.doralhealthcarefinance.com or contact (855) 277-7895.

About Parkview Community Hospital Medical Center

Parkview is a 193-bed acute care hospital that has served the Riverside area for more than 50 years. It is a non-profit hospital that serves more than 75,000 patients each year including 40,000 in the Emergency Departments. With more than 1,000 employees, Parkview is one of the largest employers in Riverside, California, and supports over 2,220 jobs in the community. The hospital has over 400 affiliated physicians on the medical staff.

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