Capital Funding Group (CFG) announced the closure of a $9.5 million loan from the Department of Housing and Urban Development (HUD), facilitating the refinancing of an existing bridge loan previously executed by CFG. The funds were allocated to support a 173-bed skilled nursing facility located in Pennsylvania. The financing deal, finalized on December 20, 2023, was executed on behalf of a nationally recognized borrower.
“Helping our clients grow is our top priority, and through the execution of this financing, we’re proud to help ensure the continued operation and growth of this vital skilled nursing facility in Pennsylvania,” CFG Managing Director of Long-Term Care, Craig Casagrande said in a press release. “This closing is a testament to our one-stop-shop, bridge-to-HUD lending solutions and our commitment to long-term partnership with our clients.”
CFG also recently closed a $7.2 million HUD loan, supporting the refinancing of a 162-bed skilled nursing facility located in Kentucky.
The key architects behind this successful financing deal were Capital Funding Group Managing Director of Real Estate Finance, Craig Casagrande, and Vice President, Andrew Jones.
Dove Healthcare Sells Portfolio to Wisconsin-Focused Owner-Operator
Dove Healthcare, a long-standing owner-operator in Wisconsin, has successfully completed the sale of its portfolio with guidance from Blueprint, a leading advisory firm specializing in healthcare real estate transactions. The transaction concluded on January 2nd, 2024.
Dove Healthcare’s portfolio spans eight facilities across Wisconsin comprising 526 beds/units dedicated to skilled nursing and assisted living. With a regional focus in and around Eau Claire, Wisconsin, the portfolio encompasses 304 licensed skilled nursing beds.
“With five of the eight located within an 11-mile radius and all located within an approximate 1-hour drive time, [the portfolio] offers dominant market share and operational synergies,” Blueprint wrote in a press release.
The majority of Dove Healthcare’s communities hold five-star ratings and strategically position themselves in close proximity to major regional hospitals, including HSHS Sacred Heart, Marshfield Clinic, and Mayo Clinic-Eau Claire acute referral networks. Blueprint said this placement ensures a strong collaborative network for healthcare services and enhances the overall attractiveness of the portfolio.
Blueprint said that during the due diligence period, the portfolio experienced significant boosts in revenue, primarily due to statewide Medicaid reimbursement rate enhancements in Wisconsin effective July 1st, 2023.
Private pay RCAC/CBRF residents saw rate increases ranging from 8% to 15% starting October 1st, 2022, solidifying the financial outlook for the acquirer but also facilitated favorable financing terms for the transaction.
Blueprint said the buyer is a Wisconsin-focused owner-operator.
“They put together an excellent offering package after they listened to us to explain the nuances of the “Dove Way” of our operations,” Tommy Davidson, former owner/operator of Dove Healthcare said in a press release. “We worked together to highlight the positive rates in WI, the strength of our teams and leadership, and other important items which they then included along with documentation.”
Skilled-Nursing and Independent-Living Community of Iowa Masonic Changes Hands
Senior Living Investment Brokerage (SLIB) facilitated the sale of Iowa Masonic, a combined skilled-nursing and independent-living community located just outside Davenport, Iowa.
The skilled facility comprised 79 licensed beds, while the independent living segment featured 40 condominium-style villas. The seller was a local not-for-profit organization, and the buyer was a private owner with other community holdings in Iowa.
Ryan Saul and Nick Cacciabando from SLIB were responsible for managing this sale.
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