Capital Funding Group’s new off-balance sheet credit venture, CFG Credit Partners, has done it again, arranging another nine-figure bridge loan to support the acquisition of a skilled nursing portfolio. This transaction totaled $285 million. Using the funding, a nationally recognized borrower (which has worked with CFG before) was able to acquire 16 skilled nursing facilities in the Mid-Atlantic region. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group, and Capital Funding, LLC, a subsidiary of CFG Bank, participated in the transaction.
This deal appears very similar to CFG Credit Partners’ $317.5 million bridge-to-HUD financing for Eagle Arc Partners’ purchase of 20 SNFs in Florida, Georgia and Mississippi announced last November. In that deal, Meridian Capital Group handled the transaction, while the CFG team comprised Messrs. Howard, Eberhardt and Craig Casagrande.
Amazingly, the $285 million transaction caps a quarter during which the CFG family of companies has closed over $500 million in bridge financings across 11 separate loans (in addition to more than $235 million in HUD mortgages). That follows a robust 2020 when CFG closed 51 separate bridge loans totaling $1.3 billion. Plus, they’re not done yet, working on an additional $775 million across 20 separate loans for the first half of 2021. At $1.8 billion, that level of bridge lending since the pandemic across its balance sheet and off-balance sheet platforms is impressive, to say the least.
