CARY, N.C., and LOS ANGELES — Capital Funding Group has provided three separate loans totaling $25 million for seniors housing communities in North Carolina, California and Texas.
In the first transaction, Capital Funding closed a $17.6 million HUD 232 loan to finance the construction of a new assisted living facility in Cary, N.C. Once finished, the building will have 40 assisted living units and 40 memory care units. The building is slated to open in May 2017. Gary Sever originated the loan.
In the second transaction, the company closed a $2.5 million working capital line of credit for The Rehabilitation Center on La Brea in Los Angeles. Chip Woelper originated the loan.
Lastly, the company closed a $5 million cash flow loan for a Texas-based skilled nursing operator. Jeffrey Stein originated the loan.
Capital Funding Group is a Baltimore-based lender.