232/223(f) loan under the U.S. Department of Housing and Urban Development (HUD) comes after Forbright Bank financed the acquisition of the facility in 2022
Forbright Bank successfully closed a $44.2 million HUD loan for a skilled nursing, assisted living, and memory care facility in California. The financing, provided under the HUD 232/223(f) program, will support a 318-bed facility as it provides seniors in the San Jose area with personalized and specialized care. The loan was closed in partnership with Forbright Bank’s Healthcare Lending team which provided bridge financing for the acquisition of the facility in 2022.
"We’re pleased to offer a full suite of customized, competitive financing solutions for seniors housing and healthcare providers, including short-term bridge and long-term HUD financing,” said Jonathan Camps, Managing Director of Forbright Bank’s HUD Lending Team. “Our team has decades of experience supporting seniors housing and healthcare facilities as they provide quality, affordable care throughout the country.”
The 232/223(f) loan for the California facility refinanced existing Forbright Bank bridge and partnership debt, reimbursed the borrower for recent capital expenditures, funded critical repairs, and covered all transaction costs associated with the HUD loan. The 35-year fully amortizing term loan will provide the borrower with long-term stability.
In 2022, Forbright Bank provided a bridge loan for the acquisition of the facility alongside a line of credit for working capital. The line of credit remains in place alongside the newly placed HUD loan.
Today’s announcement comes on the heels of Forbright Bank announcing a $10.7 million 232/223 (f) loan for a 120 bed Skilled Nursing Facility in Georgia last month. The loan refinanced existing Forbright Bank bridge debt, partnership debt, and all transaction costs associated with the HUD loan.
About Forbright Bank
Forbright Bank (www.forbrightbank.com), Member FDIC, Equal Housing Lender, is a bank and commercial lender headquartered in Chevy Chase, Maryland. Forbright is building a bank for a brighter future by supporting our customers’ financial goals and financing the entrepreneurs, businesses, and projects driving our economy forward.
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Contacts
Ben Wakana
info@forbrightbank.com
