Capital Funding Group (CFG) has completed a $9.75 million bridge-to-HUD loan to refinance a 123-bed skilled nursing facility in Massachusetts. This transaction, finalized on May 1, 2024, was arranged for a nationally recognized borrower, marking another milestone in CFG's long-standing commitment to the healthcare financing sector.
"CFG has been a cornerstone in the healthcare financing sector for more than 30 years, and we're proud to help yet another client achieve their business goals," stated Tim Eberhardt, CFG Bank's Chief Lending Officer for Bridge and HUD Loans. "We remain at the forefront of the industry by providing financial solutions and being an expert partner who will be there every step of the way to help our clients succeed."
Continued Success in Healthcare Financing
This latest financing comes on the heels of another significant transaction by CFG. On April 10, 2024, the company closed a $36.2 million Bridge-to-HUD loan to refinance five skilled nursing facilities in North Carolina, totaling 522 beds. Like the recent Massachusetts deal, this transaction involved a nationally recognized borrower, underscoring CFG's role in supporting large-scale healthcare operators.
SLR Healthcare ABL Supports Midwest Nursing Operator with $3 Million Credit Facility
SLR Healthcare ABL has announced it will provide a $3 million asset-based revolving credit facility to a skilled nursing operator in the upper Midwest. The operator, whose management team brings 40 years of combined experience in long-term care, recently took over three skilled nursing facilities in Iowa, totaling 230 beds.
The funds from this facility will provide essential working capital for growth initiatives, including developing a memory care unit and expanding a behavioral health unit. This financing bolsters the operator's efforts to enhance and broaden their care services.
Capitol Rehabilitation & Healthcare Center Enhances Service Offerings
Capitol Rehabilitation & Healthcare Center, a 138-bed skilled nursing facility, has expanded its service offerings by introducing specialized Cardiac Care and Chronic Illness Support programs. These new programs are made possible through strategic partnerships with local healthcare providers.
Cardiac Care and Chronic Illness Support Programs
The comprehensive Cardiac Care program, overseen by board-certified cardiologist Dr. Rajesh Davé, aims to improve the quality of life for patients with heart conditions. The program focuses on symptom reduction, disability minimization, and promoting patient independence. It caters to patients recovering from cardiac events or surgeries, as well as those at risk for cardiovascular diseases.
The Chronic Illness Support program integrates palliative care, pastoral support, and other specialized services into its clinical programming. This initiative collaborates with Hospice of Central PA, ensuring a holistic approach to managing chronic illnesses.
Modernization of Capitol Rehabilitation & Healthcare Center
In addition to introducing new programs, Capitol Rehabilitation & Healthcare Center is undergoing a multi-million-dollar modernization project. This includes substantial upgrades to its Harrisburg campus, which it shares with The Terraces at Capitol Village, a 64-unit personal care community. These enhancements are aimed at improving the overall patient experience and operational efficiency.
Wisconsin Skilled Nursing and Assisted Living Community Changes Hands
A significant transaction in northwestern Wisconsin saw an 80-bed skilled nursing and assisted living facility in Washburn County transferred from a nonprofit organization to a local operator with strong Midwest ties. This change of hands is part of a strategic move to strengthen and revitalize the portfolios of nonprofit organizations.
"We're dedicated to enriching not-for-profit organizations strategically and, when necessary, assisting them in identifying non-core assets to strengthen and add life to their portfolios," said Nick Glaisner, Managing Director of Ziegler's Senior Housing & Care Practice, which managed the sale, in a press release.
Conclusion
These recent transactions highlight the dynamic nature of the healthcare financing and operational landscape. From CFG's strategic refinancing deals to SLR Healthcare ABL's support for growth initiatives and Capitol Rehabilitation's expansion of specialized services, the focus remains on enhancing the quality of care and operational efficiency in skilled nursing and senior living facilities across the United States.
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