A portfolio of six skilled nursing facilities located throughout Illinois sold with the help of bridge financing secured by Capital Funding, LLC. Totaling 594 beds, these facilities are operated by Crown Healthcare, a family-owned company that owns and operates skilled nursing and senior living properties across five states, with its primary focus in the Ohio market. The bridge loan, originated by Craig Casagrande, funds 100% of the acquisition costs. In addition, Capital Funding financed the operations of a seventh skilled nursing facility and also provided about $5.5 million in working capital. Ultimately, they expect to refinance the debt through HUD.
This deal follows Capital Funding’s term loan closing for a skilled nursing facility in American Fork, Utah. The $14.7 million refinanced the facility and allowed the borrower to buy out its minority partners at the 119-bed facility. Like the Illinois transaction, Capital Funding plans to bring this loan to HUD eventually. Tim Eberhardt originated the transaction.