California nursing center acquired
Capital Funding Group announced the closing of a junior portion of debt to finance the acquisition of Evergreen Nursing and Rehabilitation Center, a 175-bed skilled nursing facility, in Modesto, CA.
Capital Funding LLC provided the junior portion of the overall debt to finance the facility's acquisition by a group of real estate investors. An affiliate of Windsor Healthcare will be the operator.
CFG also said a $13.36 million bridge-to-HUD mezzanine debt has been used to finance the acquisition of Luther Woods Nursing and Rehabilitation Center, a 140-bed SNF in Hatboro, PA. There is also a $1.5 million working capital loan to finance operations. Capital Funding Group arranged the three-part financing through the acquisition by Vita Healthcare Group.
CFG also announced a $7 million working capital line of credit for Farmington Health Care Center and Howell Care Center, which are Michigan facilities with a total of 273 beds.