Forbright Bank, a nationwide full-service bank, closed $26.5 million in financing for the acquisition of a Maryland skilled nursing and assisted living campus by a regional operator. The deal marked the seventh successful transaction between Forbright Bank and the borrower.
The senior mortgage will finance the acquisition and renovation of the facility, including the addition of a new skilled nursing wing. Forbright also provided a $2.5 million line of credit to support the facility’s working capital needs. When fully stabilized, the bank intends to provide the borrower with a permanent HUD mortgage. The facility features both skilled nursing and assisted living beds and is located in a strong Maryland submarket.
