Capital Funding Group continues its run of activity with a bridge refinance of two assisted living communities in two New York City boroughs. Totaling $88.9 million, the loan was secured on a 239-bed community in Queens and a 184-bed community in Brooklyn. Both properties hold Assisted Living Program licenses and are owned by an undisclosed major provider. Director Craig Casagrande and Senior Associate Andrew Jones originated the transaction.
Despite nearly reaching $90 million, this financing represents just a fraction of Capital Funding Group’s bridge lending haul so far this year, totaling over $500 million across 11 separate loans (in addition to more than $235 million in HUD mortgages) in the first quarter alone. The largest was CFG Credit Partners’ (CFG’s off-balance sheet credit venture) $285 million loan supporting the acquisition of 16 skilled nursing facilities in the Mid-Atlantic. Quite a start to the year.
