Capital Funding Group (CFG) Closes $185 Million Construction Loan on Behalf of Erickson Senior Living
Financing Supports Phase I Construction of The Grandview Community in Bethesda, Maryland
Capital Funding Group (CFG) and Erickson Senior Living, a Baltimore, Maryland-based company, today announced the closing of a $185 million construction loan. The financing will support the first phase of construction for The Grandview, a continuing care retirement community currently under development in Bethesda, Md. Phase I of this project, known as the West Village, will feature two 14-story buildings with a total of 501 independent living units. CFG closed the financing on August 16, 2024.
The Grandview, once completed, will be a seven-building senior living campus where residents will benefit from an integrated health and wellness model, including a concierge-level primary care practice and access to a full continuum of care. Developed and managed by Erickson Senior Living, the community will feature 1,185 independent living units and 214 assisted living and memory care units. Amenities will include multiple on-site restaurants, fitness center, swimming pool, salon, art studio, and multiple activity rooms and outdoor terraces. The new community is located at the former Marriott International headquarters in Bethesda, Md.
“We’re pleased to partner with Erickson Senior Living and execute the financing to support the initial construction of what will be a premier senior living community,” said Ken Assiran, CFG Managing Director – Senior Housing.
“For more than thirty years, we have provided one-stop shop financing solutions that we can tailor to our clients’ needs and long-term business goals. Moreover, this deal’s size is a testament to our ability to support financing of all sizes,” stated Jack Dwyer, Chairman of CFG.
“Securing this $185 million construction loan with the support of our partner, CFG, another great Baltimore-based company, is a significant milestone for Erickson Senior Living, as we enter the next phase of development for The Grandview,” said Christian Sweetser, CFO of Erickson Senior Living.
“We are proud to be working with our not-for-profit partner National Senior Communities in building a premier campus where residents gain more than a rewarding lifestyle—they gain confidence and peace of mind rooted in the experience of a national leader in senior living and health care,” added Alan Butler, CEO of Erickson Senior Living.
This closing further exemplifies the growth of CFG’s Senior Housing lending platform and its focus on providing financing to industry-leading developers, owners, and operators.
“Erickson Senior Living is a best-in-class senior living company and the type of borrower CFG strives to work with. It has been a pleasure working with Erickson throughout this transaction and we are excited to continue our partnership in the future,” said Erik Howard, President of CFG. He added, “Our Senior Housing lending team’s ability to navigate the current stringent capital markets was on full display in its efforts to close this transaction.”
About Erickson Senior Living, LLC
Erickson Senior Living is a nation-leading developer and manager of continuing care retirement communities. More than 30,000 residents are enjoying life across its national network of communities, supported by more than 16,000 team members dedicated to serving seniors. More information about Erickson Senior Living is available at www.ericksonseniorliving.com.
About National Senior Communities
National Senior Communities, Inc. is the not-for-profit, supporting organization to the largest system of not-for-profit continuing care retirement communities (CCRCs) in the United States.
In this role, the Board of Directors of National Senior Communities and its staff, through its mission, provide ongoing strategic planning and policy development to maintain the highest standards of quality, care, and financial oversight, and to ensure compliance and charitable purpose, within the entire portfolio of individual communities.
About CFG (www.capfundinc.com)
CFG is a full-service provider of comprehensive financing solutions for the national healthcare industry, focusing on the long-term care, senior housing, independent living, assisted living, memory care, hospital sectors, and multifamily industry. Headquartered in Baltimore, Maryland, CFG is known as a one-stop shop, with expertise in HUD loans, other agency loans, bridge lending, mezzanine financing, working capital loans and commercial banking services through the CFG family of companies.
About CFG Bank
CFG Bank, headquartered in Baltimore, Maryland, provides flexible financing and online banking solutions to the national healthcare and multifamily markets and the Mid-Atlantic region. CFG Bank is the 6th largest bank in the Baltimore area based on deposits and the largest that is based in Baltimore. CFG Bank has grown from $1 billion in assets at the end of 2019 to over $5 billion in assets at the end of 2023 and is among the five largest and most experienced healthcare bridge-to-HUD lenders in the country, serving its clients and helping them grow for over 30 years. CFG Bank transforms the banking experience by delivering big bank capabilities and expertise, coupled with relationship-driven boutique bank service. CFG Bank has branches in Lutherville and Baltimore City, and a cashless branch in Annapolis. For more information, visit www.CFG.bank, and follow CFG Bank on LinkedIn, Facebook, Instagram and X.
About Capital Funding, LLC
Capital Funding, LLC, a subsidiary of CFG Bank, is the national leader in the FHA-insured mortgage industry, providing more than $6 billion in Section 232 mortgages nationwide. CFG Bank is an Equal Housing Lender. Member FDIC.
