Capital Funding Group Funds Portopiccolo Purchase
The Portopiccolo Group picked up another two skilled nursing facilities, following its acquisition of a North Carolina SNF earlier this summer. The most recent targets included a 130-bed pediatric and geriatric rehab facility in Dunn Loring, Virginia (Washington, D.C. MSA), and a 74-bed skilled nursing facility in Silver Spring, Maryland (also D.C. MSA). Accordius Health, an operating platform of Portopiccolo, will take over management of the facilities. To fund the acquisition, Portopiccolo obtained several tranches of financing, arranged, agented and participated by Capital Funding Group (CFG). Tim Eberhardt originated the transaction, which includes a $30.6 million senior loan, a $3.8... Read More »
Blueprint and BlueMountain
Blueprint Healthcare Real Estate Advisors announced that it was involved in the Sabra Health Care REIT sale of 28 skilled nursing facilities in Texas and Louisiana to a joint venture of BlueMountain Capital Management, BM Eagle Holdings and Capital Funding Group for $282.5 million. Engaged by the joint venture buyer for their expertise on the Texas and Louisiana markets, Ben Firestone, Chris Hyldahl and Gideon Orion of Blueprint helped find local operating partners and tenants for the portfolio, which was previously operated by the now-bankrupt Senior Care Centers. Despite the bad news surrounding SCC’s financial troubles, these facilities were still operating decently well, particularly... Read More »
Hats Off to Capital Funding
About three years after it acquired a 140-bed skilled nursing facility in Hatboro, Pennsylvania, Vita Healthcare Group decided to refinance the property with a HUD loan provided by Capital Funding. Craig Casagrande originated the $16.1 million mortgage, which takes out the original $13.36 million bridge loan and $1.5 million working capital loan provided by the firm to support the 2016 acquisition. That original financing included a turnaround component that increased the loan amount based on projected improvements to the facility’s performance. So, assuming a roughly 90% loan-to-cost, the 2016 purchase price can be estimated just below $15 million, or $106,100 per bed. In early 2016, the... Read More »
Capital Funding Refinances Baltimore Skilled Nursing Facility
Over four years after acquiring a 105-bed skilled nursing facility in Baltimore, Maryland, its owner decided to refinance with the help of Tim Eberhardt and Erik Howard of Capital Funding. Part of a three-property portfolio, this facility was built in 1976 and enjoyed consistently strong operating results. The owner had built up equity at the property, and through the refinance was able to deleverage the other two assets in the portfolio, including the repayment of “non-project” debt. The Capital Funding team also converted a short-term, non-agency loan into permanent, fixed-rate HUD financing that totaled $12.3 million. Read More »Schedule a demo
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