NEW YORK CITY and MIDDLETOWN, N.Y. — Capital Funding Group (CFG), a Baltimore-based lender, has provided two HUD refinancing loans for skilled nursing facilities in New York totaling $68.3 million.
In the first transaction, CFG provided a $44.1 million loan for Morningside Nursing & Rehabilitation Center, a 314-bed skilled nursing facility in the Bronx borough of New York City. Approximately $3 million of the proceeds will be used for capital expenditures, while the rest will refinance existing debt.
In the second transaction, CFG provided $24.2 million for Middletown Park Rehabilitation and Health Care Center, a 250-bed skilled nursing facility in Middletown, approximately 65 miles north of Manhattan. Approximately $2 million of the funds will be used for capital expenditures, and the rest will refinance existing debt.
Craig Casagrande, director of real estate finance for CFG, originated both loans.