CROZET, Va., and WASHINGTON, D.C. — Capital Funding Group (CFG), a Baltimore-based lender, has closed three HUD refinancings totaling $32 million for communities throughout the Southeastern United States.
In the first transaction, CFG closed an $18.9 million refinancing for The Lodge at Old Trail, an assisted living community in the Charlottesville suburb of Crozet. Gary Sever originated the loan, which lowers the interest rate on the previous loan.
In the second transaction, CFG closed a $2.6 million refinancing for an undisclosed assisted living community in North Carolina. Sever also arranged that loan.
In the third transaction, CFG closed a $10.5 million refinancing for Brinton Woods Health & Rehabilitation Center, a 183-bed skilled nursing facility in Washington, D.C. Patrick McGovern arranged the loan, which replaced the original bridge loan for the community’s acquisition. McGovern also arranged that bridge loan, as well as a $2 million working capital line to finance operations.