CAPITAL FUNDING GROUP AND CFG CREDIT PARTNERS CLOSE $317.5 MILLION BRIDGE-TO-HUD FINANCING
BALTIMORE (November 2, 2020) – Capital Funding Group (“CFG”) is pleased to announce the first closing involving its new credit venture, CFG Credit Partners, which consisted of $317.5 million in Bridge-to-HUD financing for the acquisition of a skilled nursing portfolio. CFG provided the financing to a borrower group led by Eagle Arc Partners (formerly known as BM Eagle Holdings). The loans were secured by eighteen facilities in Florida and two facilities in Mississippi and Georgia. In addition to providing acquisition financing, the package included a $14mm reserve for future capital improvements at the facilities. The facilities will be leased to local operators with experience in their respective footprints.
This marks the first deal for Capital Funding Group’s new credit venture, CFG Credit Partners, LLC, and continues a banner year for the CFG family of companies, which to date in 2020 have closed $1.1 billion in healthcare real estate bridge loans, and over $350 million in HUD mortgages. Chairman and Sole Owner Jack Dwyer said “Today marks a historic day for CFG, as we formally launch our new credit venture and close on a landmark transaction, despite challenging macro headwinds. I am excited to announce that CFG Credit Partners will significantly expand our lending capacity, and will be a natural extension of the original ‘One-Stop-Shop’ model that CFG created and our clients have come to rely for more than 35 years.”
Elliott Mandelbaum, Managing Partner of Eagle Arc Partners, commented that “We are extremely pleased with Capital Funding Group, which delivered on this transaction, as they have consistently done in the past. Jack Dwyer and his team at Capital Funding Group have been great partners of ours for many years, so they were a logical choice to rely on to execute this transaction. In what is remains very challenging market environment for both skilled nursing operators and for the lending community, CFG demonstrated continued commitment to our company and to the healthcare industry, despite the backdrop of COVID-19.”
CFG Credit Partners, LLC is an off-balance sheet credit venture, managed by CFG Asset Management, LLC, which will materially expand CFG’s Bridge-to-HUD capacity. Capital Funding, LLC, a subsidiary of CFG Bank, also participated in the transaction.
Erik Howard, Executive Managing Director, Craig Casagrande, Director, and Tim Eberhardt, Vice President, originated the transaction for Capital Funding Group.
About Capital Funding Group (www.capfundinc.com)
Capital Funding Group is a full-service provider of comprehensive financing solutions for healthcare facilities nationwide, focusing on the long-term care, assisted living and hospital sectors. Headquartered in Baltimore, Maryland, CFG is known as a one-stop shop for healthcare facility owners and operators, with expertise in HUD loans, bridge lending, working capital loans, commercial banking and investment advisory services through the CFG family of companies.
About Capital Funding, LLC
Capital Funding, LLC, a subsidiary of CFG Bank, is the national leader in the FHA-insured mortgage industry, providing more than $2 billion in Section 232 mortgages nationwide since the inception of the LEAN program. CFG Bank is an Equal Housing Lender. Member FDIC.