Capital Funding Group financed over $54 million across six transactions from late July through mid-August. The financings supported six skilled nursing facilities across the country and were executed on behalf of nationally recognized borrowers.
First, CFG closed a $12.4 million HUD loan for the refinancing of a 99-bed SNF in California, which closed July 25. CFG provided the initial bridge financing for the real estate transaction, and the term loan is now being exited with permanent HUD financing.
Then, CFG secured a $4.5 million mezzanine loan to refinance a 120-bed SNF in Florida. On the same day, CFG closed a $14.8 million senior loan to take out existing acquisition debt for a 120-bed SNF in Florida. The company also closed a $10.5 million HUD loan for the refinancing of a 100-bed Georgia SNF.
Next, CFG secured an $8.3 million HUD loan for the refinancing of an 81-bed SNF in Georgia. CFG originally closed a bridge loan for the project September 2020 to refinance existing debt and fund capital expenditures for a renovation at the facility. Through the recent deal, the total bridge debt has been refinanced with permanent HUD financing.
Lastly, CFG closed a $4.3 million bridge-HUD subordinate loan for the refinancing of a 156-bed SNF in Florida. These transactions follow CFG’s recent announcement of the closing of a $185 million construction loan for Erickson Senior Living. The financing supports the first phase of construction for The Grandview, a CCRC currently under development in Bethesda, Maryland. Phase I of this project, known as the West Village, will feature two 14-story buildings with a total of 501 independent living units.
