Capital Funding Group (CFG), a healthcare commercial lender based in Baltimore, announced that it completed a refinancing of six assisted living facilities in Virginia and Maryland totaling over $80 million of existing debt through the Federal Housing Administration Section 232 program. Interest rates for the six facilities were between 4.75% and 4.78%, with loan amounts ranging from $6.2 million to over $22 million. The Morningside communities refinanced are located throughout the Mid-Atlantic region in the cities of Laurel, Hanover, Ellicott City, Waldorf and Parkville, Maryland and in Leesburg, Virginia.
“We all know how difficult is it to borrow money right now, but with help from our friends at CFG, we got it done,” said Kelly Mason, Morningside Group CEO. “With the challenges we face in healthcare, facilities like ours need to stay focused on patient care and the needs of residents, not worry about loans, interest rates and complicated financial matters; we’re grateful to have CFG taking care of us.”
“The FHA program is great; it enables us to lend money to folks who do great work in their communities and who wouldn’t be able to do that without some access to capital,” said CFG President Jack Dwyer. “Helping folks like Morningside is what we’re about and LEAN helps us do it a lot more efficiently – our clients see the positive results.”