CFG Closes Three Bridge-to-HUD Loans Totaling $40.6M

by Jeff Shaw

BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has closed three bridge-to-HUD loans for seven seniors housing communities in Texas, New York and North Carolina totaling $40.6 million.

The first loan was $7.9 million for the acquisition of Heritage Place Nursing Home and Winterhaven Health Care Center, two skilled nursing facilities with a combined 309 units in the Houston area. ABRA group purchased the facilities for a total of $10 million. Gary Sever of CFG originated the loan.

The Heritage Place property totals 32,310 square feet, while Winterhaven totals 53,281 square feet. After the acquisition, Concord Healthcare Group took over as operator.

The second loan was $13.8 million for the acquisition of Safire Rehabilitation of Southtowns and Safire Rehabilitation of Northtowns, two skilled nursing facilities in the Buffalo, N.Y., metro area. Dorrance Ave HC LLC and Sheridan Drive HC LLC purchased the properties from the Zacher family for $16.1 million. CFG’s Erik Howard originated the loan.

The final loan was an $18.9 million refinancing of Ashe Gardens Memory Care, Chatham Commons and Lawyers Glen Assisted Living, all assisted living communities in North Carolina. Gary Sever originated the loan, which features $14.8 million in senior debt and $4.1 million in mezzanine financing. Meridian Senior Living operates the communities.

You may also like