Community Psychiatric Centers said Monday that a subsidiary has signed an agreement to manage a Seattle hospital that it eventually plans to acquire.
Community Psychiatric, a Laguna Hills-based operator of psychiatric hospitals, said that its Atlanta-based subsidiary, Transitional Hospitals Corp., will manage Fifth Avenue Hospital until it can obtain permission from Washington regulators to buy the 80-bed facility.
The parent company obtained a $50-million loan from Bank of America to help expand Transitional Hospitals and its United Kingdom psychiatric center. A year ago, Community Psychiatric received a $40-million bank loan to fund both internal growth and acquisitions at the subsidiary.
Including the Seattle deal, Transitional Hospitals operates 12 long-term critical-care hospitals in 10 states.