Forbright Bank’s HUD lending team recently closed a 232/223(f) loan for a skilled nursing facility in Rockville, Maryland. The new $19.9 million loan refinanced the existing Forbright Bank bridge loan (which provided cash-out after the initial funding), returned the original equity investment to the key principals, reimbursed the borrower for recent capital expenditures, and covered all transaction costs associated with the HUD loan. The facility has 100 beds and is in a market that is well-known to Forbright.
Forbright Closes HUD Financing for Maryland SNF
