HHC Funding and Congressional Bank Complete $5.5 Million ABL Financing to Cypress Skilled Nursing
CHEVY CHASE, MD, January 13. 2014 - HHC Funding, an affiliate of Housing & Healthcare Finance, LLC, and Congressional Bank announced today the closing of a $5.5 million asset-based line of credit to Cypress Skilled Nursing, LLC and their affiliates. The line of credit will be used for ongoing working capital needs associated with Cypress Skilled Nursing’s acquisition of the operations of nine skilled nursing facilities located in Georgia.
“Cypress Skilled Nursing recognized our deep expertise and gave us the opportunity to arrange financing that supports their growth plans,” said Rich Lerner, Director of HHC Funding. “Our lending platform allows us to offer healthcare companies a complete range of financing solutions.”
“We were pleased to have been selected by Cypress Skilled Nursing to support their working capital financing needs,” said Amy Heller, Senior Vice President of Healthcare Lending at Congressional Bank. “HHC Funding and Congressional worked hard to close this financing in an expedited manner while structuring a transaction that met the requirements of the various parties involved in the process. We look forward to furthering our relationship with Cypress Skilled Nursing.”
“Our entire team was impressed with the speed and execution capabilities of Congressional Bank and HHC Funding. With a tight timeline and an ever changing deal structure, Amy and her team were able to swiftly adapt and make necessary modifications” said CEO Forrister of Cypress Skilled Nursing. “We look forward to a longstanding relationship with Congressional and HHC.”
About Housing & Healthcare Finance, LLC
Founded in 2002, Housing & Healthcare Finance, LLC (HHC Finance) is one of the leading HUD healthcare and multifamily lenders in the U.S. In addition to HUD loans, HHC Finance provides line of credit as well as bridge financing. The Company’s expertise in the healthcare and multifamily markets allows it to provide loans that address all of its borrowers’ financing needs. HHC Finance is headquartered in Chevy Chase, MD and has additional offices in New York, Ohio, Illinois, Wisconsin, New Jersey, California, Pennsylvania, and Florida. For more information, please visit www.hhcfinance.com.
About Congressional Bank
Congressional Bank is a commercial bank located in the Washington, D.C. metropolitan area. In addition to focusing on the lending and deposit needs of small businesses and consumers, Congressional Bank offers several niche products nationwide including political campaign deposits, corporate lending and health care finance. Congressional Bank is committed to being a safe, secure and green partner for its clients’ financial success. The Bank currently serves its customers from locations in the District of Columbia, Maryland and Virginia and on-line at www.congressionalbank.com.