Capital Funding Group hit the spring running, closing eight deals worth just under $109 million. Six of the financings were HUD and the remaining two were bridge-to-Hud loans. Craig Casagrande closed two HUD financings in New Jersey. The first was a $16.3 million HUD loan for a 176-bed skilled nursing and assisted living facility, and the second was a $21.3 million HUD loan for a 152-bed skilled nursing facility. He also closed an $8.4 million bridge-to-HUD loan for a 164-bed skilled nursing and assisted living facility in Ohio.
Next up was Patrick McGovern, who also had a hat-trick. He closed a $12.9 million HUD loan in Michigan for two skilled nursing facilities with 178 beds, plus a $4.7 million HUD loan for a 60-bed SNF in California. McGovern rounded it out with a $5.2 million bridge-to-HUD loan for a 70-bed SNF in Indiana that was used to recapture some equity.
Finally, Erik Howard and Tim Eberhardt teamed up to close on an $8.9 million HUD loan for a 90-bed skilled nursing facility in Connecticut together with a $21.6 million HUD loan for a 150-bed SNF in Connecticut. The Connecticut loans refinanced a two-facility bridge-to-HUD loan previously completed by Capital Funding. The duo also completed a $9 million HUD refinance of a 122-bed skilled nursing facility in Florida. The HUD loan refinanced an existing lender, which was convinced by CFG to increase its loan amount so that the borrower could recapture some equity with larger proceeds from HUD.
