Capital Funding Group announced its transaction totals for the first half of the year, which surpassed $1.8 billion in financing volume. The deals included 55 bridge loans and 13 HUD loans for the firm’s skilled nursing, assisted living and multifamily clients across the country. Over $1 billion of this financing was attributed to its senior care clients.
Highlights of the half-year include a $316.9 million bridge loan to refinance a large skilled nursing portfolio and $197.5 million acquisition bridge loan for a 24-facility portfolio in Maryland, Virginia and North Carolina.
Next was a $135 million bridge loan arranged for the refinancing and dividend recapitalization of a skilled nursing portfolio. The nine facilities feature 1,448 beds across Maryland, Georgia and West Virginia. CFG’s Tim Eberhardt and Ava Julio originated the transaction for a well-known skilled nursing owner, but further details were not disclosed.
CFG also provided a $32.9 million construction loan for the ground-up development of Varenita of Temecula. The 108-bed assisted living/memory care community is located in Temecula, within Riverside County between Los Angeles and San Diego. It was developed by Griffin Living (which is the borrower), and Brightwater Senior Living will operate the community upon completion.
There were three bridge-to-HUD loans financing the acquisitions of two facilities with 232 beds in Arizona ($17.2 million), a 121-bed facility in Sacramento, California ($11.2 million), and an 84-bed SNF in Pittsgrove, New Jersey ($10.57 million). Finally, the CFG team closed a couple of HUD loans: $18.8 million for a 152-bed skilled nursing facility in Florida and $6.6 million for a 175-bed facility in Connecticut.
