NEW BEDFORD, Mass., HUNTINGTON, W.V., and TUCSON, Ariz. — Congressional Bank’s Healthcare Lending Group has closed five loans totaling $11.6 million for the acquisition of three skilled nursing facilities.
The group closed a $3 million bridge-to-HUD loan and a $1.5 million revolving line of credit to facilitate the acquisition of and provide working capital for a 107-bed skilled nursing facility in New Bedford along the southern coast of Massachusetts.
Congressional also closed a $2.6 million bridge-to-HUD loan and a $500,000 revolving line of credit for the acquisition of a 67-bed skilled nursing and assisted living facility in Huntington, along the border of West Virginia and Ohio. The facility and operations were acquired out of bankruptcy from a local operator.
Lastly, Congressional closed a $4 million revolving line of credit in connection with the acquisition of the operations of a 118-bed skilled nursing facility in Tucson.
In all three transactions, the involved parties and names of the facilities were not disclosed.
“The Massachusetts transaction was the first acquisition that we financed for this group of principals and we are looking forward to providing financing for future transactions,” says Amy Heller, senior vice president of healthcare lending for Congressional Bank. “The other two acquisitions represented the third loan transactions that we have closed on for each of the ownership groups.”
Congressional Bank is a lender based in Bethesda, Md.