White Oak Healthcare Finance acted as sole lender and administrative agent on the funding of a $161 million senior credit facility for Allegiant Healthcare and Hillstone Healthcare. The funds were used to acquire and provide working capital for a portfolio of 17 skilled nursing facilities in Ohio.

“Allegiant is a very experienced investor that has become one of the top investors in the post-acute care industry,” said Ross Eldridge, managing director at White Oak. “We are excited to support Allegiant in their acquisition and to partner with a talented and growing operator in Hillstone Healthcare. We look forward to working with both groups in the years to come.”

Allegiant Healthcare is a provider of short-term post-hospital rehabilitation and long-term and specialty care. Allegiant focuses on strategic alliances and operators. In this transaction, Allegiant formed a strategic alliance with one of Ohio’s most successful operators, Hillstone Healthcare.

“Aside from providing us with attractive financing terms, White Oak differentiated themselves with speed and certainty of execution. The White Oak team was flexible and efficient throughout the financing process,” said Ariel Fein, CEO of Allegiant. “They were able to execute a year-end closing in a compressed timeline. We are appreciative of the relationship and look forward to working together in the future.”

“As an operator of post-acute facilities, we need financing partners who understand the business. The team at White Oak provided flexible capital and will be great partners as we expand Hillstone’s operational footprint in Ohio,” said Paul Bergsten, CEO at Hillstone.