Capital Funding Group Closes $43.39 Million for Refinancing of Skilled Nursing Facility in California
Capital Funding Group (CFG) announced the closing of a $43.39-million HUD loan, which supported the refinancing of an existing bridge loan, into a HUD loan upon stabilization, on August 21, 2023. The initial financing, executed by CFG, allowed the nationally recognized borrower to acquire a 140-bed skilled nursing facility in Bakersfield, California, and then refinancing allowed the borrower to have a successful take out.
“We’re excited to announce this deal as it is a testament to how we take on our clients’ goals as our own and are persistent in finding solutions to help them grow,” said CFG Managing Director, Long-Term Care Craig Casagrande. “What started as a bridge loan financing partnership with our client to help them acquire a facility, turned into a HUD takeout upon stabilization. As our client’s goals shifted and its business grew, we were right there to support and help foster continued growth.”
The financing follows the company’s recent closing of a $15.49 million HUD loan, which supported the refinancing of an existing bridge loan, executed by CFG, into a HUD loan.
Capital Funding Group Director, Long-Term Care Patrick McGovern originated the transaction for the company.
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.