Capital Funding Group closed several loans:
- $13.7 million cash flow term loan for the CommuniCare family of companies
- $8.7 million bridge-to-HUD loan for the acquisition of two MidMichigan Health skilled nursing facilities
- $3 million working capital loan for a facility in Michigan
- $7 million working capital loan for a facility in Illinois
The CommuniCare family of companies operates more than 40 skilled nursing facilities, hospitals and assisted living centers across four states. Capital Funding provided a $13.7 million loan for general corporate purposes secured by the cash flow of seven skilled nursing facilities operated by the company. Capital Funding is offering this corporate financing vehicle to help companies strategically position for future opportunities.
MidMichigan Health is a non-profit health system affiliated with the University of Michigan Health System. The MidMichigan Health portfolio consists of two skilled nursing facilities totaling 210 beds located in central Michigan. Capital Funding Group provided two-part financing for the acquisition of the facilities by Affiliates of The Peplinski Group. Capital Funding arranged for a bridge-to-HUD loan.
Capital Finance also provided a $3 million working capital loan to the related operator to finance the operations. Capital Funding Group served as agent and senior lender.
Capital Finance also closed a $7 million revolving line of credit for an IL-based operator to provide working capital for a HUD-insured SNF portfolio.
Capital Funding and Capital Finance are subsidiaries of CFG Community Bank.