Forbright Bank Closes HUD Financing for MD Skilled Nursing Facility

Forbright Bank Closes HUD Financing for MD Skilled Nursing Facility

Forbright Bank's HUD Lending Team recently closed a 232/223(f) loan to a skilled nursing facility in Rockville, Maryland. The $19.9 million loan refinanced the existing Forbright Bank bridge loan (which provided cash-out after the initial funding), returned the original equity investment to the key principals, reimbursed the borrower for recent capital expenditures, and covered all transaction costs associated with the HUD loan.

"We're proud to support the long-term strength and high-quality care of a skilled nursing facility in our backyard," said Jonathan Camps, Managing Director for HUD Lending at Forbright Bank. "We remain committed to providing flexible financing solutions for healthcare providers large and small as they innovate, grow, and deliver exceptional care for seniors."

The 100-bed skilled nursing facility in Rockville, Maryland provides quality care to seniors in a market well-known to Forbright. Financing under the U.S. Department of Housing and Urban Development helps organizations access non-recourse, assumable financing for the purchase, refinance, substantial rehabilitation, or new construction of licensed skilled nursing, assisted living, and memory care facilities.

Forbright Bank's Healthcare and HUD Lending teams have decades of experience supporting companies large and small. The Bank provides loans for acquisition, recapitalization, working capital, HUD, and other lending products and services to healthcare providers across the nation.