Capital Funding Group announced the closing of $17.2 million in bridge debt for the acquisition of two skilled nursing facilities in Arizona. The experienced borrower previously operated these facilities, and through this transaction they were able to purchase the real estate at a pre-negotiated price that was set when they originally took over operations. Totaling 232 beds, the facilities were built in 1982 and 1983. Capital Funding Group Vice President Tommy Dillon originated the transaction, which covered 100% of the costs due to the current market value of the facilities surpassing the agreed-upon purchase price.
The deal follows an impressive first quarter with over $840 million in financing for Capital Funding Group. That activity comprised 10 bridge loans and 11 HUD loans for its skilled nursing and assisted living clients, and 13 bridge loans for the company’s multifamily industry clients, nationwide.
