CATSKILL, N.Y., and MORGAN CITY, La. — Capital Funding Group (CFG), a lender based in Baltimore, has closed bridge-to-HUD loans for seniors housing community acquisitions in rural New York and Louisiana.
The first loan was $7.4 million for the acquisition of Kaaterskill Care Nursing and Rehabilitation, a 120-bed skilled nursing facility on 3.2 acres in Catskill, approximately 35 miles south of Albany. Craig Casagrande, director of real estate finance, originated the loan, which has a one-year maturity with no extension options.
The second loan was $3 million for the acquisition of Maison Jardin Senior Living, a 59-bed assisted living community in Morgan City, approximately 85 miles southwest of New Orleans. Gary Sever, director of real estate finance, originated the loan.
The buyers/borrowers and sellers were not disclosed for either transaction.