Skilled Nursing News October 31, 2024
Capital Funding Group announced the closing of a $207.1 million bridge-to-HUD term loan for the partnership buyout of 13 skilled nursing facilities in Florida.
CFG closed on the loan on behalf of 980Investments, a national real estate investment company, the financing firm said in a statement on Thursday, and provided $15 million in accounts receivable financing to support the working capital needs of the portfolio.
The Florida portfolio is made up of 1,423 beds.
Tim Eberhardt, CFG chief lending officer, said the loans support their client’s immediate needs.
“Structuring the $207.1 million loan as a bridge-to-HUD loan allows us to mitigate HUD take-out risk and streamline the HUD application process, setting our client up...
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