Capital Funding Group (CFG) closed a $43.39 million HUD loan to refinance an existing bridge loan that had also been executed by CFG. The initial loan, closed in June 2021, allowed the nationally recognized borrower to acquire a 140-bed skilled nursing facility in Bakersfield, California, and then the refinancing allowed the borrower to have a successful take out.
Built in 2018, the facility was 95% occupied as of March 2023. Capital Funding Group Director, Long-Term Care Patrick McGovern originated the transaction for the company. The financing follows CFG’s recent closing of a $15.49 million HUD loan, which supported the refinancing of an existing bridge loan, also executed by CFG.
