DUNN LORING, Va., and SILVER SPRING, Md. — Capital Funding has provided $36.9 million in financing for private equity firm The Portopiccolo Group to acquire two skilled nursing facilities in the Mid-Atlantic region.
The properties are the Iliff Nursing and Rehabilitation Center, a 130-bed pediatric and geriatric facility in Dunn Loring, and the Fox Chase Rehabilitation and Nursing Center, a 74-bed geriatric facility in Silver Spring. Accordius Health, an operating platform of The Portopiccolo Group, manages both properties.
Capital Funding arranged, agented and participated in the $36.9 million financing which included a $30.6 million senior loan, a $3.8 million mezzanine loan and a $2.5 million accounts receivable line of credit for working capital needs. The real estate financing provided for 90 percent of total transaction costs as well as a $2.7 million reserve for post-closing renovations.
Tim Eberhardt originated the transaction for Capital Funding.