Forbright Bank, a nationwide full-service bank helping accelerate the transition to a sustainable economy, completed $26.5 million in financing for the acquisition of a Maryland skilled nursing and assisted living facility by a regional operator. This deal marks the seventh successful transaction between Forbright Bank and the borrower.
“This transaction highlights our continued commitment to the skilled nursing industry and serving the needs of healthcare companies large and small,” Amy Heller, president of the healthcare lending division at Forbright Bank, said. “We’re proud that our creative solutions and flexible terms keep delivering results for our longstanding and new clients.”
Forbright Bank provided a $26.5 million senior mortgage to finance the acquisition and renovation of the facility, including the addition of a new skilled nursing wing. Forbright also provided a $2.5 million line of credit to support the facility’s working capital needs. When fully stabilized, the bank intends to provide the borrower with permanent HUD-guaranteed financing.
The facility features both skilled nursing and assisted living beds and is located in a strong Maryland submarket.
