Capital Funding Group announced it financed over $41 million across three transactions from mid-February to early March. The transactions supported four skilled nursing facilities and an assisted living and memory care community spread throughout the country and were executed on behalf of nationally recognized borrowers.
First, in February, CFG secured a $27 million bridge-to-HUD loan for the refinancing of three SNFs in South Carolina and Missouri that comprise 397 beds. CFG refinanced and upsized the debt on a portfolio, allowing the borrower to recoup operational losses resulting from a re-tenanting process.
Next, in February, CFG secured an $8 million bridge-to-HUD loan, which included $1 million in capital expenditures, for the acquisition of a 95-bed SNF in Connecticut. Lastly, CFG secured a $6.7 million bridge-to-HUD loan on behalf of Cascadia Senior Living & Development to support the acquisition of an 84-unit and 86-bed assisted living and memory care community in Yakima, Washington. Cascadia owns/operates three other buildings in Yakima, which are collectively 99% occupied and have a 28% NOI margin.
These transactions follow CFG’s announcement that highlighted the closing of a $93.8 million bridge-to-HUD loan on behalf of a nationally recognized borrower. The deal supported financing for nine SNFs with 969 beds in Utah. CFG also provided $11 million in accounts receivable financing to support the working capital needs of the portfolio.
