Capital Funding Group (CFG) closed on a $132.24 million bridge loan to support refinancing of four skilled nursing facilities in Virginia, while MonticelloAM closed $87 million in financing for a Florida-based SNF portfolio.

CFG Closes $132.24M in refinancing for 4 SNFs

Capital Funding Group (CFG) announced the closing of a $132.24 million bridge loan, on behalf of a nationally recognized borrower. The deal supported the refinancing of four skilled nursing facilities, featuring 731 beds, in Virginia. CFG closed the transaction on Oct. 29 – 47 days from receipt of the signed term sheet.

“We are elated to share the closing of this deal which supported our client’s need for timely funding in order to refinance four skilled nursing facilities,” said Craig Casagrande, Managing Director, Real Estate Finance, in a press release. “This transaction showcases our team’s ability to leverage our robust expertise to simplify the loan process and execute financing expeditiously to support our client’s goals.”

This transaction follows CFG’s recent announcement highlighting the closing of a $207.1 million bridge-to-HUD term loan, on behalf of landlord sponsor, 980Investments, a nationally recognized real estate investment company. The deal supported the partnership buyout of a portfolio of 13 skilled nursing facilities, featuring 1,423 beds, in Florida. CFG also provided $15 million in accounts receivable financing to support the working capital needs of the portfolio. CFG closed both deals on Oct. 21.

MonticelloAM Closes $87M in financing for Florida portfolio

MonticelloAM announced the closing of $87 million in total bridge and working capital financing for a portfolio of skilled nursing facilities located in Florida.

Proceeds from the $80 million bridge loan were used to refinance the existing debt on four skilled nursing facilities. The loan carries a 24-month term with two six-month extensions for the borrower.

“We were thrilled to strengthen our relationship with an existing borrower team by providing bridge and working capital financing for their skilled nursing properties. The MonticelloAM team is committed to being a collaborative partner to our healthcare clients with tailored capital solutions that help them achieve long-term success,” said Joseph Borenstein, head of the MonticelloAM Healthcare Sales Desk, in a press release.

The $7 million working capital revolver will be used to manage day-to-day operational expenses for the four properties covering over 450 skilled nursing beds.

“At MonticelloAM, we understand the importance of a line of credit for healthcare borrowers as they navigate the day-to-day business of caring for residents. We are proud to partner with our clients by providing a working capital facility, offering them greater flexibility as they manage the needs of their skilled nursing facilities,” adds Kim Gordon, head of the MonticelloAM Working Capital group.

G Capital Closed Revolving Credit Facility for Northern California SNF

G Capital recently closed a revolving credit facility for a new client in northern California. Spyglass Healthcare, a growing Bay area-based skilled nursing operator, was advised by GCAP’s Grant Goodman on the structuring of a $15 million ABL financing provided by Texas Capital Bank.

TCB is a $31 billion bank based in Dallas, Texas, that offers a comprehensive suite of diversified financial services. In 2024, the bank significantly expanded its health care business, with industry veteran Shane Passarelli leading the charge.

Passarelli and Goodman worked together to structure a working capital solution for Spyglass with best-in-class terms that strongly positions the company for future growth.

“Texas Capital combines scale with specialization to provide the best ABL product we’ve seen in the middle market post-acute sector this year,” said Goodman, in a press release. “They have a deep understanding of health care service organizations and are a great partner. It was a pleasure collaborating with them on this project,” he said adding, “Spyglass is quickly becoming one of the best skilled operators in northern California, and we’re excited to see what they do next.”

Blueprint brokers sale of SNF in Indiana

Blueprint brokered the sale of a skilled nursing facility located in Goshen, Indiana. The facility, established in 2018, was constructed under the Green House Project, an organization that focuses on non-institutional senior care environments. The facility features four homes, with 12 residents per home, and 48 dually licensed Medicare and Medicaid beds.

Recognizing the need for strategic repositioning, Blueprint was enlisted to spearhead the transaction on behalf of Ciena Healthcare, a leader in skilled nursing, rehabilitation, sub-acute, and assisted living services.

Approaching just one group with express interest, Euson Lindsay Health, an Indiana-based provider of senior services, was ultimately selected as the buyer and has rebranded the community as The Restoracy Goshen.

A notable milestone in the transaction was the swift closure, achieved shortly after obtaining licensure approval. Blueprint played a pivotal role in facilitating the due diligence process and navigating negotiations.

Ignite Medical Resorts expands in Texas

Ignite Medical Resorts announced the acquisition of a building in El Paso, Texas, previously known as VibraLife of El Paso. The facility will now be known as Ignite Medical Resort El Paso and will bring Ignite’s unique blend of luxury hospitality and cutting-edge rehabilitation to the El Paso community.

This will be Ignite’s sixth location in Texas, further solidifying its presence in the state. Ignite Medical Resorts, which specializes in short-term rehabilitation and nursing care, offers varied clinical specialty programs and enhanced services in a five-star medical resort environment termed LuxeRehab.

The company’s team of in-house therapists use the latest technology to create customized rehab plans, helping people regain their strength and independence as quickly as possible.

“We’re excited to expand LuxeRehab to the El Paso community and to continue to grow our vision of offering top-tier hospitality and care to our guests and an unmatched culture for our employees,” said Tim Fields, CEO and Co-founder of Ignite Medical Resorts, in a press release. “We look forward to working with the El Paso team to make this resort another preferred place to go in Texas after a hospital stay or surgical procedure, and the preferred place to work.”

Ignite Medical Resorts will plan a large-scale renovation project including improvements to the common areas, décor, therapy gym, dining and to build a Luxe Café, serving Starbucks Coffee. Ignite will also enhance the facility with cutting-edge clinical and therapeutic technology, advanced robotics equipment.

With this acquisition, Ignite Medical Resorts now operates in 24 locations across seven states, including Missouri, Kansas, Oklahoma, Texas, and Indiana, while employing more than 3,700 team members.

“Our focus remains on delivering exceptional clinical care and hospitality, ensuring our guests can recover quickly and return home with their spark back,” Fields said.