SOURCE: Healthcare Finance Group, Inc.

Healthcare Finance Group, Inc.

November 04, 2009 16:01 ET

Healthcare Finance Group, Inc. Provides $25.0 Million Revolving Credit Facility to EmpRes Healthcare, Inc.

VANCOUVER, WA--(Marketwire - November 4, 2009) - Healthcare Finance Group, Inc. ("HFG") today announced that it has provided a $25.0 Million Revolving Credit Facility to EmpRes Healthcare, Inc. ("EmpRes")

EmpRes and its Affiliates (formerly known as Evergreen Healthcare), headquartered in Vancouver, WA, are engaged in the operation and management of 44 skilled nursing and 5 assisted living facilities. All 49 facilities are operated under lease agreements and are located throughout California, Oregon, Washington, Montana, Nevada, and Idaho. In December 2008, EmpRes became one of the first long-term care companies to become 100% employee owned through an ESOT (employee stock ownership trust). The loan facility that HFG provided was a refinancing of an existing facility from CIT Healthcare.

Dale Patterson, CFO of EmpRes, said, "We were seeking a relationship-oriented, strategic partner with a strong understanding of the healthcare industry. We also needed a lender that had a high degree of certainty of being able to close given CIT's potential liquidity issues. HFG met those criteria on more favorable economic terms than its direct competition. HFG's entire team focused on getting this transaction closed, which allowed EmpRes and its Affiliates to focus on our continued commitment to caring for the residents we serve."

Regarding the transaction, Shane Passarelli, Senior Vice President of HFG, said, "As a testament to its management team, EmpRes has successfully executed on its strategy of acquiring underperforming nursing homes, integrating the operations, and improving the quality of care and financial performance of these facilities. The recent conversion to a 100% employee owned model makes perfect sense and allows earnings to be reinvested back into the operations."

About Healthcare Finance Group

HFG is a specialty lender dedicated exclusively to healthcare companies with capital needs from $5 million to $100 million. HFG primarily provides secured revolving lines of credit that are custom-tailored to meet the specific needs of its clients. HFG has offices in New York, Los Angeles, and Philadelphia.


Contact Information

  • Healthcare Finance Group
    Shane A. Passarelli
    Senior Vice President
    phone: (213) 217 - 4301