Capital Funding Group announced on Monday it closed a $262.6 million term loan for the refinancing of a 29-asset long-term care portfolio.
The portfolio spans across Colorado, California and Wyoming and includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds.
Owned by SavaSeniorCare, a privately owned real estate investment group, the portfolio will transition to four new regional operators.
SavaSeniorCare previously announced these divestitures last year. The real estate of the portfolio will not be part of the transaction.
“We’re excited to share the closing of this financing as it reinforces our ability to close deals of all sizes and complexities,” CFG executive managing director Erik Howard said in the press release. “Our flexibility, coupled with our One-Stop Shop product offerings, allows us to do things differently and simplify the loan process so we can execute deals more quickly than traditional lenders to support our clients’ growth.”
Howard and Director Tim Eberhardt originated the transaction for Capital Funding Group.
This deal comes during a busy year for the Capital Funding Group which included a record-setting milestone in the month of June and more than $2 billion in deals in the first half of the year.
Headquartered in Baltimore, Md., Capital Funding Group offers expertise in Department of Housing and Urban Development loans, bridge lending and working capital loans and commercial banking for the long-term care sector.
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