Forbright Bank had a busy end to the summer, announcing a series of closings for a mix of seniors housing and skilled nursing properties across the country. The largest individual transaction was a $50 million term loan that refinanced the existing debt on three skilled nursing facilities in Florida. Forbright underwrote the bridge-to-HUD loan for a near-term HUD takeout to be facilitated by its HUD team. The bank also provided a $3 million revolver to support the facilities’ working capital needs. Forbright also partnered with HJ Sims to provide a $38 million bridge loan to fund the acquisitions of three skilled nursing facilities in Chicagoland.
Forbright financed a few other acquisition financings in the seniors housing sector, too. One involved a $37 million term loan to retroactively finance the purchase of a Class-A independent living, assisted living and memory care community in Houston, Texas. In Arizona, Forbright provided two term loans, for $25.4 million and $40.25 million, respectively, to also retroactively finance the acquisition of two Class-A seniors housing campuses in the Phoenix, Arizona MSA. Finally, the bank closed a $20.5 million term loan for an experienced seniors housing operator to acquire a Class-A community in Florida.
