White Oak Healthcare Finance, LLC (“White Oak”) today announced it acted as sole lender and administrative agent on the funding of a senior credit facility for GMF Capital (“GMF”) and Meridian Senior Living (“Meridian”). The funds were used to acquire assisted living/skilled nursing facilities located near Providence, Rhode Island.
In the subject transaction, GMF formed a strategic partnership with Meridian, a national seniors housing operator that provides care to independent and assisted living, as well as memory care, residents across 19 states.
“GMF is an active investor in the healthcare real estate sector with a strong leadership team with decades of expertise,” said Ross Eldridge, Managing Director at White Oak. “We are thrilled to be able to build a relationship with GMF and support their growing pipeline, as well as their partnership with Meridian, one of the most experienced seniors housing providers in the nation.”
“White Oak not only has flexible capital, but also has a dedicated team of healthcare real estate professionals that offered a competitive and creative structure that will help us achieve our business plan,” said Dan O’Keefe, Managing Director and Head of Healthcare at GMF. “We hope to partner on future transactions and continue to grow our business.”
About GMF Capital
GMF is an investment management platform engaged in private equity and alternative investments across real estate, healthcare, and structured credit. GMF’s investment strategy is to create programmatic partnerships with sophisticated operators of real estate properties who are focused on specific asset classes, geographies, and investment strategies. The healthcare platform consists of 125+ properties with $600 million of assets under management across 10+ states, including skilled nursing, independent living, assisted living, memory care, behavioral health, and dialysis facilities.
About Meridian Senior Living
Meridian is a seniors housing operator headquartered in Metropolitan Washington, DC. With 4,100 employees, Meridian provides care to approximately 5,500 senior residents in 71 independent living, assisted living, and memory care communities across 19 states plus the District of Columbia. Current estimated portfolio value is $1.25 billion. The Company has also successfully completed several billions of acquisitions, divestitures, and recapitalizations in the past decade.
About White Oak Healthcare Finance
White Oak Healthcare Finance, LLC (“WOHCF”), an affiliate of White Oak Global Advisors, LLC is a lender to all subsectors within the healthcare industry including healthcare services, pharma and life sciences, medical devices, healthcare technology, healthcare real estate, hospitals and SNFs. WOHCF has deep domain expertise with a sole focus on healthcare which enables it to provide flexible and creative solutions with certainty of execution. WOHCF offers a differentiated product set including cash flow term loans, asset based loans and ABL Stretch facilities, unitranche facilities, last out financings, real estate financings, equipment financings and opportunistic investments. As a lender with large pools of capital to deploy, WOHCF generally holds its full loan positions to maturity.
About White Oak Global Advisors
White Oak Global Advisors, LLC is a leading global alternative asset manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. Since its inception in 2007, White Oak Global Advisors’ disciplined investment process focuses on delivering risk-adjusted investment returns and establishing long term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.
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Contacts:
Investor Relations
jsetiabrata@whiteoaksf.com
