RIVERSIDE, Calif.--(BUSINESS WIRE)-- Parkview Community Hospital Medical Center ("Parkview") has refinanced, in its entirety, a total $27 million revolving credit line and term loan owed to Prime Healthcare Services, ensuring that the facility will remain Riverside's only non-profit hospital.
Private institutional lenders, health insurance plans and medical staff members supported Parkview financially to pay off the loan. The willingness of all parties to help the hospital reflects how important Parkview is to the community, officials said.
“This is an unprecedented action, and we have always been optimistic that we would reach a solution that would be in the best interests of Parkview’s patients and employees,” said Parkview CEO Doug Drumwright. “We are very grateful that these lenders understand how vital it is for Parkview to stay true to its mission of providing high-quality healthcare to all of our community members.”
“For decades, Parkview has provided a health safety net for tens of thousands of people,” said Woodie Rucker-Hughes, chair of the board of directors of Parkview. “We are thrilled that we are able to continue to provide them with the same compassionate level of care. This loan keeps us as a community, non-profit hospital whose sole charge is to provide needed healthcare to the entire community.”
One of Parkview’s affiliated medical groups, PrimeCare Medical Network, Inc., praised the hospital for resolving the situation. "NAMM/PrimeCare Medical Network, Inc. has always been supportive of Parkview Hospital's mission to provide care to all residents of the local community,” said Leigh E. Hutchins, President/COO of NAMM, CA. “We are pleased that Parkview will continue its 50+ year tradition of delivering quality health services to Riverside and to members of the PrimeCare network."
News of the loan to Parkview was greeted warmly by Riverside city and business leaders.
"Parkview is a treasured community asset, and the fact that it will remain under local control is good news for the city and its residents," Riverside Mayor Ron Loveridge said.
White Oak Partners, LLC, a leading financial advisory and underwriting group, served as arranger and syndication agent for the credit facility and Mosaic Capital, LLC served as financial advisor to Parkview.
Founded as a 50-bed hospital in 1958, Parkview became a non-profit hospital in 1967. It now has 193 beds and more than 900 employees -- and about 450 physicians. Parkview is the ninth-largest employer in Riverside, with an economic impact in the tens of millions of dollars.
Parkview Community Hospital
Marlene Burnett, Director of Business Development
KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Health Hospitals General Health Managed Care