KeyBank Tops HUD Rankings
There’s a new king of the HUD 232 Lean program. KeyBank Real Estate Capital unseated long-time leader Lancaster Pollard (which had topped the list since 2010 in terms of dollar volume) after closing $812.7 million in loans in FY2018, a record for single-year volume in the program and up 144% from the firm’s FY2017 volume. In that time, KeyBank also closed the largest single-asset HUD loan in history when it secured a $127 million loan for a 499-bed skilled nursing facility in New York City. Lancaster Pollard still reported an impressive $610.4 million in loan closings (good enough for second place), while Capital Funding took third place with $466.0 million. Not resting on those impressive... Read More »
CFG Rolls Into Spring
Capital Funding Group hit the spring running, closing eight deals worth just under $109 million. Six of the financings were HUD and the remaining two were bridge-to-Hud loans. Craig Casagrande closed two HUD financings in New Jersey. The first was a $16.3 million HUD loan for a 176-bed skilled nursing and assisted living facility, and the second was a $21.3 million HUD loan for a 152-bed skilled nursing facility. He also closed an $8.4 million bridge-to-HUD loan for a 164-bed skilled nursing and assisted living facility in Ohio. Next up was Patrick McGovern, who also had a hat-trick. He closed a $12.9 million HUD loan in Michigan for two skilled nursing facilities with 178 beds,... Read More »
Capital Funding Group’s Transaction Trifecta
Certainly ending the year on a strong note, Craig Casagrande of Capital Funding Group originated three transactions, totaling over $47 million. The largest of the loans, at $31.243 million, refinanced a bridge loan on a New York skilled nursing facility. CFG had closed the bridge loan at the end of 2016 to help the borrower recapitalize equity on what was an underleveraged facility, and simultaneously applied with HUD for a refinance, closing the transaction this October. Staying in New York, and with HUD, Mr. Casagrande originated a $9.843 million refinance for another skilled nursing facility in the state. And finally, CFG closed a bridge-to-HUD loan for a Pennsylvania SNF, totaling $6... Read More »Erik Howard’s Transaction Trio
Baltimore-based Capital Funding Group recently closed three HUD transactions totaling nearly $25 million for a repeat borrower. Erik Howard, Managing Director of Real Estate Finance, facilitated the loans, which included a $9.06 million mortgage for a Colorado skilled nursing facility, a $9.96 million loan for a Washington facility and $5.75 in financing for another Washington SNF. All three loans refinanced existing term loans from conventional lenders, and Mr. Howard executed a no-lockout, five-year prepayment penalty structure that gave the borrower, a national operator of SNFs and assisted living communities, greater flexibility in the medium term. Read More »Schedule a demo
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