Alter Behavioral Health Secures $7.6M for San Diego Expansion
Deal News | Mar 28, 2025 | EIN
Alter Behavioral Health has announced a major financing of $7,686,900 secured from Bank Five Nine, facilitated by Innovative Capital Management, to fund the expansion of its mental health treatment facilities in San Diego, California. The funding aims to restructure debt and enhance capacity for crisis stabilization and residential care services, expanding from 6 to 32 beds to meet increasing regional demand. CEO Michael Castanon highlighted the importance of expanding behavioral health infrastructure, emphasizing their commitment to providing high-quality, timely treatment. Established in 2019, Alter Behavioral Health is recognized for its evidence-based and person-centered psychiatric care, and this strategic expansion underscores its dedication to innovation and improved patient outcomes. A groundbreaking ceremony is scheduled for April 2, with the expanded facility expected to open in winter 2026.
Sectors
- Healthcare - Mental Health Services
- Finance - Banking
- Finance - Investment Management
Geography
- United States - California – This classification is relevant because Alter Behavioral Health's expansion project is based in San Diego, California.
Industry
- Healthcare - Mental Health Services – The industry is relevant as Alter Behavioral Health operates within the mental health services sector, focusing on crisis stabilization and residential care.
- Finance - Banking – Bank Five Nine's role as the financier of the $7.6M deal connects this article to the banking sector.
- Finance - Investment Management – Innovative Capital Management's involvement in structuring and securing financing situates this within the investment management industry.
Financials
- $7,686,900 – The total amount of financing secured from Bank Five Nine for Alter Behavioral Health's expansion project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Alter Behavioral Health | Target Company | Company | A primary mental health provider expanding its facilities in San Diego. |
| Bank Five Nine | Financier | Company | A bank providing the $7.6M financing for Alter Behavioral Health's expansion. |
| Innovative Capital Management | Investment Manager | Company | The company that worked closely to structure and secure the financing for Alter Behavioral Health. |
| Michael Castanon | CEO | Person | CEO of Alter Behavioral Health, commenting on the significance of the expansion. |