Congressional Bank has closed five loans
Congressional Bank's Healthcare Lending group has closed five loans in three separate transactions throughout the U.S., the bank announced.
The deals include a $3 million bridge to HUD loan and a $1.5 million revolving line of credit to facilitate the acquisition and provide the ongoing working capital needs of a 107-bed skilled nursing facility in New Bedford, MA.
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/assisted living facility in Huntington, WV.
They were bought out of bankruptcy from a local operator. Congressional also 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, AZ.
“Upon the closing of our merger with American Bank on January 1, our increased lending capacity, which is expected to exceed $10 million, will enable us to expand upon the platform that we have built over the past two-plus years,” said Amy Heller, SVP Healthcare Lending for Congressional Bank.