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ILLINOIS — Capital Funding LLC has provided bridge-to-HUD financing for the acquisition of six skilled nursing facilities located throughout Illinois.
The portfolio totals 594 total beds. The borrower, amount of capital, and names and locations of the properties were not disclosed.
Capital Funding also financed the operations of a seventh skilled nursing facility in the portfolio, operated by Crown Healthcare. The lender expects to ultimately refinance the debt through HUD’S 232/223(f) program.
Craig Casagrande originated the transaction for Capital Funding. Capital Finance LLC also provided working capital in the amount of $7 million. Jeffrey Stein originated that transaction.