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US HealthVest (USHV) received a $ 55 million guaranteed term loan from Silicon Valley Bank to fund existing debt and finance the expansion and construction of its behavioral health facilities to treat psychiatric illnesses and addiction.
The company works with existing medical providers such as hospitals to deliver treatment programs to underserved communities, and some of its facilities rely heavily on Medicaid payments, according to news reports.
âSVB has been a great partner and their understanding of our industry and our business has been essential in designing and delivering flexible credit facilities that can adapt to our future needs,â said Dr. Richard A. Kresch, President and managing director of US HealthVest. .
The financing includes a $ 30 million senior revolving line of credit and a term loan from the bank, as well as a second $ 25 million term loan from an unidentified third party.
The company previously raised $ 96 million in capital in three rounds of funding, according to Crunchbase.
Founded in 2013 by Richard A. Kresch, psychiatrist and founder of Ascend Health Corporation and Heartland Health Developments, US HealthVest operates seven behavioral hospitals in the United States, Washington, Illinois and Georgia.
Peter Green is an award-winning New York-based business and investigative journalist.