Craig Casagrande and Andrew Jones of Capital Funding Group secured a bridge loan for a client to acquire a 139-bed skilled nursing facility in Christiana, Pennsylvania (about halfway between Philadelphia and Lancaster). Formerly on the SFF list as recently as 2016, the facility has since achieved a five-star rating from CMS. That’s quite the turnaround.
It was formerly owned and operated by Harrison Senior Living, but a new owner (Chaim Steg, according to public records) took over. They secured a $10.8 million loan from Capital Funding Group, plus a $3.5 million line of credit. CFG ultimately expects to refinance the debt through HUD.