Capital Funding Group (CFG) Closes $36.2 Million in Bridge-to-HUD Refinancing for Five North Carolina Skilled Nursing Facilities
Capital Funding Group (CFG) today announced the closing of a $36.2 million Bridge-to-HUD loan to support the refinancing of five skilled nursing facilities in North Carolina, accommodating a total of 522 beds. Through this deal, CFG refinanced an existing loan to include two additional underleveraged facilities. The financing was closed on April 10, 2024, on behalf of a nationally recognized borrower.
“This was an exciting deal as our team improved our client’s existing loan and helped them move closer to their goal of a HUD exit,” stated Tim Eberhardt, CFG Bank Chief Lending Officer, Bridge and HUD Loans. “Through our bridge-to-HUD offerings, we help our clients get timelier financing while executing deals that mitigate HUD take-out risk. Not only does this benefit our clients’ immediate needs, but also streamlines the HUD application, reduces cost of necessary legal fees, and more, so they can reach their larger goals.”
CFG Vice President Tommy Dillon originated the transaction for the company.
This financing follows CFG’s recent announcement of the closing of a Bridge-to-HUD loan totaling $20 million, on behalf of a nationally recognized borrower. The loan supported the refinancing of a 125-bed skilled nursing facility in Maryland. CFG closed the deal on March 29, 2024.
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, assisted living and hospital sectors, and multifamily industry. Headquartered in Baltimore, Maryland, CFG is known as a one-stop shop, with expertise in HUD 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.
