Franklin-based Psychiatric Solutions Inc. has purchased four inpatient psychiatric facilities from Heartland Healthcare of New York City in a $47 million transaction.

In addition, Psychiatric Solutions has acquired a contract from Heartland to manage an inpatient psychiatric unit in a facility owned by a third party.

The four psychiatric facilities are a 126-bed licensed hospital in Summit, N.J., a 100-bed licensed hospital in Ft. Lauderdale, Fla., a 98-bed licensed hospital in Arlington, Texas, and a 36-bed licensed hospital in Eden Prairie, Minn.

“Consistent with our long-term strategies for becoming the leading inpatient psychiatric care provider in the country, we continue to move decisively to acquire high-quality facilities that are leaders in their markets and that have significant organic growth potential,” said Joey Jacobs, president and chief executive of Psychiatric Solutions.

With the completion of the transaction, Psychiatric Solutions has acquired nine inpatient psychiatric facilities with nearly 900 beds since the beginning of the year, according to Jacobs.

In coordination with the expansion plans, the company, which owns or operates 32 psychiatric facilities nationwide with more than 3,800 beds, has also increased its revolving credit line from $50 million to $125 million. The credit line is with a group of banks led by Bank of America.

In the first quarter of 2004, Psychiatric Solutions, stock for which is traded on Nasdaq under the symbol PSYS, set a revenue record of more than $137 million. This is an increase of 190 percent compared to the first quarter of the previous year.