Capital Funding Group Closes $27.2 Million Construction Loan for Assisted Living Community in Florida
Financing Supports Completion of Hotel to Assisted Living Conversion Project
Capital Funding Group (CFG) today announced the closing of a $27.2 million construction loan for the conversion of a partially-completed hotel to a 191-unit assisted living community, located at 3003 North University Drive, Sunrise, Florida. $7.4 million of the financing will be used to complete construction of the project. Closed on March 3, 2023, the financing was executed on behalf of award-winning real estate firm and nationally recognized borrower, YMP Real Estate Management, who will manage and operate the community when opened. This is CFG’s second financing with YMP Real Estate.
“We are excited to help YMP Real Estate Management continue expanding and building their portfolio in Florida and across the country,” said CFG Bank Seniors Housing Managing Director Ken Assiran. “The closing of this financing is a testament to our commitment to helping our clients succeed by way of our entrepreneurial approach to lending. Our team takes on client goals as their own to not only meet, but exceed expectations, and we’ll do whatever it takes to support our clients’ growth in the seniors housing industry.”
“Following an impressive year in 2022, our continued momentum in the seniors housing industry is a testament to our team’s competitive edge and ability to execute creative, unique solutions to secure the funding our clients need to reach their goals,” Erik Howard, CFG’s Executive Managing Director. “We look forward to our continued partnership with YMP Real Estate to expand their footprint even further.”
Industry veteran Ken Assiran leads CFG’s Seniors Housing Lending Platform. Assiran has over 30 years of experience in financings and debt structuring, and with these expanded duties, he continues to run the CFG affiliate, Capital Health Group.
This financing follows the company’s recent announcement of its 2022 total financing numbers, which exceeded $2.7 billion across 112 deals nationwide.
About Capital Funding Group (www.capfundinc.com)
Capital Funding Group is a full-service provider of comprehensive financing solutions for the national healthcare industry, focusing on the long-term care, assisted living and hospital sectors, and multifamily industry. Headquartered in Baltimore, Maryland, CFG is known as a one-stop shop, with expertise in HUD loans, bridge lending, mezzanine financing, working capital loans and commercial banking 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 $6 billion in Section 232 mortgages nationwide. CFG Bank is an Equal Housing Lender. Member FDIC.