KAWKAWLIN, Mich. — Capital Funding has provided a $4.5 million HUD mortgage for Huron Woods, a 60-bed skilled nursing facility in Kawkawlin, a small town in Central Michigan.
The loan refinances an existing bridge loan that Capital Funding also provided. The bridge loan allowed the borrower to recapture some equity from the property. The HUD loan represents a loan-to-value ratio below 70 percent.
Although the borrower was not disclosed, the facility is listed on the website of Peplinski Group, an operator of 13 skilled nursing facilities in Michigan.
Patrick McGovern of Capital Funding originated the deal.