BALTIMORE — Capital Funding LLC has closed two loans for assisted living facilities: a Bridge-to-HUD loan for the acquisition of Hidden Oaks Assisted Living and a Bridge-to-HUD loan for the cash out refinance of Lamplight Inn of Fort Wayne.
Hidden Oaks Assisted Living is a 110-bed assisted living facility in Fort Myers, Fla. The deal totals $5.4 million, and Capital Funding is the sole lender. Gary Sever, director of real estate finance for the Southeast region, originated the transaction.
Lamplight Inn of Fort Wayne is a 146-bed assisted living facility in Fort Wayne, Ind. The deal totals $7.8 million, and Capital Funding is the agent/senior lender.
Capital Funding initially financed the acquisition and conversion of the facility, which was originally a hotel. Due to the facility’s strong performance, the bridge loan was refinanced at an increased loan amount. Craig Casagrande, director of real estate finance for the Northeast region, originated the transaction. Paresh Vipani, chief financial officer of Platinum Healthcare, and Lamplight Inn’s Bobby Petras also helped facilitate the financing.