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SAN JOSE, Calif. — Forbright Bank has provided a $44.2 million HUD loan to finance a 318-bed skilled nursing, assisted living and memory care facility located in the San Jose area of California.
Provided under the HUD 232/223(f) program, the 35-year fully amortizing term loan will be used to refinance existing Forbright Bank bridge and partnership debt, as well as cover the cost of recent capital expenditures and critical repairs. Forbright originally provided acquisition financing and a line of credit for working capital for the undisclosed borrower in 2022.