Loans for SNFs announced
Capital Funding Group announced the closing of a $13.7 million cash flow term loan to the CommuniCare Family of Companies, an $8.7 million bridge-to-HUD loan for the acquisition of two MidMichigan Health skilled nursing facilities and two working capital loans for facilities in Michigan and Illinois.
The CommuniCare Family of Companies operates more than 40 skilled nursing facilities, and the loan is for seven of them. Craig Casagrande originated the loan, which closed April 18.
MidMichigan Health is a nonprofit health system affiliated with the University of Michigan Health System. Its portfolio includes two skilled nursing facilities totaling 210 beds in central Michigan. Capital Funding Group provided two-part financing for the acquisition of the facilities by Affiliates of The Peplinski Group.