Capital Funding, LLC is pleased to announce the $12.3 million dollar closing of a HUD mortgage on January 14, 2019. This transaction refinanced the facility known as Autumn Lake Healthcare at Alice Manor, a 105-bed skilled nursing community located in Baltimore, Maryland.
The nursing home was part of a three-facility portfolio, and the use of proceeds included the repayment of “non-project” debt under HUD’s new debt seasoning guidelines. This was permittable due to the historically strong, stable performance of this asset. Consequently, the borrower was able to use equity built up in this property to deleverage the other two assets in the portfolio.
The transaction also allowed the borrower to convert a short-term, non-agency loan into permanent, fixed-rate financing. The transaction was processed through HUD’S 223(f) Refinance program.
Tim Eberhardt, VP of Real Estate Finance, and Erik Howard, Managing Director of Real Estate Finance, were the originators of the deal.
Capital Funding Group is a full-service provider of comprehensive financing solutions for healthcare facilities nationwide, focusing on the long-term care, assisted living and hospital sectors. Headquartered in Baltimore, Maryland, CFG is known as a one-stop shop for healthcare facility owners and operators, with expertise in HUD loans, bridge lending, working capital loans, commercial banking and investment advisory services through the CFG family of companies.
About Capital Funding, LLC
Capital Funding, LLC, a subsidiary of CFG Community Bank, is the national leader in the FHA-insured mortgage industry, providing more than $2 billion in Section 232 mortgages nationwide since the inception of the LEAN program. CFG Community Bank is an Equal Housing Lender.
