A 36-SNF acquisition received $806 million in financing from CFG, while Dwight Capital and its affiliate closed $624 million in real estate financings in September.
CFG Finances $806M for 36-SNF Acquisition
CFG closed on an $806 million unitranche bridge-to-HUD loan on behalf of unnamed nationally recognized borrowers.
CFG was the sole provider of the B-tranche, financing the transaction along with Ally Bank and Northwind Group. The borrowers on Oct. 14 acquired 36 SNFs nationwide, totaling more than 3,900 beds.
“Transactions of this scale require a financing structure that supports both immediate acquisition needs and long-term investment objectives,” said Erik Howard, CFG president. “This transaction is a strong example of how we help borrowers unlock real estate value to support their growth.”
Tim Eberhardt, CFG bank executive and VP of bridge, HUD and agency, said the unitranche loan demonstrates the value of long-term perspective from the outset. The team structured the bridge financing with eventual HUD financing in mind.
“That’s central to our approach: building financing solutions that address our clients’ immediate needs without losing sight of what comes next,” said Eberhardt.
Patrick McGovern, CFG director and head of west region for skilled nursing real estate, and Ryan Hunsicker, CFG associate VP, originated the transaction.
Dwight Closes $624M in September
Dwight Capital and its affiliate Dwight Investment Management, closed $624 million in real estate financings in September.
One of the most notable transactions for the month was a $71.25 million bridge loan for a four-SNF portfolio across Montana and Colorado, with 646 licensed beds. Proceeds financed the acquisition of two Denver-area SNFs and the cashout refinance of two existing facilities in Montana.
The bridge loan carries a 30-month term with 6-month extension and future funding capacity, Dwight said. The borrower plans to increase census and implement operating improvements at the Colorado properties, and there’s a long-term goal of transitioning the portfolio to permanent financing.
Dwight’s Josh Levin originated the loan.
Other transactions assisted refinances for townhomes in Iowa and a multifamily development in Texas.
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