Capital Funding Provides $14.5M Bridge Loan for Two Skilled Nursing Facilities in Southeast

EMPORIA, Va., and LOUISVILLE, Ky. — Capital Funding has provided a $14.5 million bridge-to-HUD loan to The Portopiccolo Group. The funds will be used to acquire one skilled nursing facility, Emporia Manor, and cross-collateralize it with another facility, Sycamore Heights Health and Rehabilitation.

Emporia Manor is a 120-bed facility in Emporia, while Sycamore Heights is a 96-bed facility in Louisville. The Portopiccolo Group, a family owned private equity and investment management firm, will own both properties following the transaction.

Clearview Healthcare Management operates Sycamore, while Accordius Health will operate Emporia.

Capital Funding provided funding for the acquisition of Emporia Manor, an underperforming skilled nursing facility, as well as recast an existing term loan on Sycamore Heights to assemble a stronger, cross-collateralized deal in order to maximize available proceeds to the borrower. The loan also provided reimbursement for capital expenditures previously completed at Sycamore Heights as well as for future capital expenditures at Emporia Manor.

Concurrent with the real estate closing, Capital Finance, a sister company of Capital Funding, consolidated existing lines of credit for Portopiccolo into one global line with $3.5 million of availability.

Tim Eberhardt originated the transaction for Capital Funding. Jeffrey Stein originated the transaction for Capital Finance.