Capital Funding Group Closes $40 Million for Refinancing of Assisted Living and Memory Care Facility in California
CFG announced the closing of a $40 million loan for the refinancing of an assisted living and memory care facility in Simi Valley, California.
Capital Funding Group (CFG) today announced the closing of a $40 million loan for the refinancing of an assisted living and memory care facility in Simi Valley, California. The facility, Varenita of Simi Valley, features 81 beds. The transaction was executed on behalf of award-winning real estate development firm and nationally recognized borrower, Griffin Living. The recently built Class A AL/MC development opened in February 2022 and was over 50 percent pre-leased.
This financing serves as the second transaction CFG has executed for Griffin Living’s California facility portfolio. In June 2022, CFG closed a $32.9-million construction loan for Griffin; the financing supported the ground up development of Varenita of Temecula, a 108-bed assisted living and memory care facility in Temecula, California.
“The closing of this financing is a testament to our team taking on client goals as their own to help grow their business,” said Erik Howard, CFG’s Executive Managing Director. “With our one-stop-shop loan offerings and entrepreneurial approach to lending, we have a competitive edge to execute more creative and customized solutions than traditional banks.”
Capital Health Group Managing Principal and CFG Bank Seniors Housing Director Ken Assiran added, “We look forward to our continued partnership with Griffin Living and are excited to help build their portfolio in California and across the country. With our Seniors Housing Lending Platform, we are able to continue expanding our lending capacity to meet and exceed client needs and expectations.”
This financing builds on the company’s momentum from the first half of 2022, where CFG closed over $1.8 billion in financing across 68 deals nationwide.