WETCHESTER COUNTY and NASSAU COUNTY, N.Y. — Capital Funding Group (CFG), a Baltimore-based lender, has arranged $62.9 million in bridge loans for two skilled nursing facilities in New York State.
In the first loan, CFG arranged a $32.5 million loan for a 240-bed facility in Westchester County. In the second loan, CFG arranged a $30.4 million bridge-to-HUD loan for a 200-bed facility in Nassau County.
Both areas are suburbs of New York City. The names of the facilities were not released.
The loans were used to refinance existing debt and recapitalize under-leveraged assets. CFG will immediately submit HUD applications to refinance the bridge loans at fixed, long-term rates.
Craig Casagrande, CFG’s director of real estate finance, originated both loans.