CFG, a Subsidiary of CFG Bank, Executes $16.25 Million in Bridge-To-Hud Financing for Acquisition of Two Utah Skilled Nursing Facilities
CFG, a subsidiary of CFG Bank, today announced the closing of $16.25 million in Bridge-to-HUD financing for the acquisition of two Utah skilled nursing facilities. The facilities, which are in Utah, support a total of 220 beds. The financing was closed on February 1, 2024, on behalf of a nationally recognized borrower. This deal allowed the client to expand its footprint into a new state.
“This transaction speaks to the benefit our long-standing relationship with HUD and decades of experience in HUD-compliant underwriting provides to our clients,” said Tim Eberhardt, CFG Bank Chief Lending Officer, Bridge Loans. “When executing bridge loans, we work with clients to mitigate HUD take-out risk, ensuring compliance with HUD specifications. This streamlined approach from application to closing enables us to execute deals more efficiently than traditional lenders.”
CFG Vice President Tommy Dillon originated the transaction for the company.
This financing follows CFG’s recent announcement of the closing of a $12 million bridge loan. The Florida facility, which is being repurposed into a drug and alcohol rehabilitation facility, supports 109 beds.
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.
