Capital Funding Group (CFG) financed more than $440 million in the first half of this year, including 18 health care bridge loans, five multifamily bridge loans and eight HUD loans.

Notable transactions included a $42 million HUD financing package for three skilled nursing facilities in Washington and Idaho, along with a $36.2 million bridge-to-HUD loan for refinancing five nursing homes in North Carolina.

“It’s been a remarkable year so far at CFG, embracing our entrepreneurial approach to lending to deliver tailored solutions to clients across the nation,” Erik Howard, CFG Bank President, said in a statement.

Other notable SNF deals from January through June included a $23.6 million refinancing of a facility in Delaware, $20 million refinancing of a Maryland SNF, and $17.4 million in HUD loans for the refinancing of two facilities in Florida.

ESI Arranges Sale of Michigan Nursing Home

Evans Senior Investments (ESI) arranged the sale of Countryside Care Center, a skilled nursing facility in Michigan, for an undisclosed sum.

The transaction was executed on behalf of an independent owner-operator looking to recycle capital and exit the industry, ESI said in a statement. Countryside is licensed for 108 beds and was built in 1968 – the facility was facing challenges at the time of marketing, with only 80 beds in operation, a 2-star rating and an occupancy rate of 59%.

Key selling points included opportunities to boost occupancy, enhance asset management synergies, and capitalize on a favorable location in the state, 40 miles west of Ann Arbor and 35 miles south of Lansing.

After leading a confidential marketing process, ESI selected a regional operator as buyer.

American Health Plans JV Launches I-SNP

American Health Plans, a division of American Health Partners, is launching a new joint venture to create American Health Advantage Pennsylvania, an institutional special needs plan (I-SNP) across 12 counties in the state.

Other organizations involved in the JV are Lake Erie College of Osteopathic Medicine, HCF Management, CHR Consulting Services, and Highmark Health through its subsidiary Endorsed.

The collaboration will allow nursing home operators within the 12 counties to offer the I-SNP to more than 3,000 residents across the state.

“The partnership with these great provider organizations and Highmark health will have a positive impact on the health care and quality of life for long-term care residents throughout Pennsylvania,” said American Health Partners President and CEO Michael Bailey.

Christian Horizons Lists 10 Properties for Sale in Ch. 11

Christian Horizons has most recently listed two of its properties for sale following its Chapter 11 bankruptcy filing in July. The operator currently has 12 communities with skilled nursing services, as well as independent living and assisted living in Illinois, Indiana, Missouri and Iowa.

The two latest elderly assistance properties for sale are located in Springfield, Illinois. The remaining properties were previously listed for sale as part of restructuring efforts, Christian Horizons SVP of Sales and Marketing Dora Silvia told the State Journal-Register.

Healthcare Management Partners is participating in the restructuring, and the company is working with legal advisors Dentons U.S. and Summers Compton Wells. The nonprofit’s Chap. 11 filing is related to pandemic-era shelter-in-place policies and losing a quarter of new residents over the last four years, while worker shortages led to higher operational costs.

No changes to operations are expected while properties are for sale, Silvia said, but locations will be shown to interested buyers. Christian Horizons is about $75 million in debt.