Forbright Bank’s Healthcare and HUD lending teams closed 2024 with strong deal activity. Last year the Healthcare and HUD lending teams provided more than $400 million in financing to organizations in more than 12 states.
In one recent transaction, Forbright provided a $40 million bridge loan for the acquisition of three seniors housing facilities in Oregon. Underwriting was done in conjunction with Forbright’s HUD team. In another recent transaction, the bank provided a $38 million term loan and $5 million revolver for the acquisition and renovation of two skilled nursing facilities in Massachusetts by an experienced regional operator with a strong presence in the state. Underwriting was also done in conjunction with Forbright’s HUD team.
Next, the company provided $36 million of term loans for the acquisition of three Class-A seniors housing properties in New York and Michigan by an experienced institutional sponsor. Additionally, Forbright provided a $12 million revolver for the acquisition and working capital of a portfolio of skilled nursing facilities in California. Lastly (for 2024), Forbright provided a $10.7 million 232/223(f) loan to a skilled nursing facility in Georgia which refinanced existing Forbright bridge debt, an unsecured partnership note and all transaction costs associated with the HUD loan.
