Capital Funding Group announced its largest transaction of 2023, so far, with the closing of $207 million in financing to support the refinancing of ten skilled nursing facilities. The facilities, which are located in Maryland, Virginia and North Carolina, consist of more than 1,200 beds.
The deal was closed on behalf of affiliates of The Portopiccolo Group, a New Jersey-based family office with a large portfolio of skilled nursing facilities in the country. Capital Funding Group Managing Director, Real Estate Finance Tim Eberhardt and Senior Associate Ava Julio originated the transaction for the company, which allowed for an equity recapture at closing, a transition to third-party tenants for eight of the ten facilities as part of the closing, and an earn-out structure to provide access to additional capital in the future.
