CFG Closes $308 Million HUD Refinance and Arranges More Than $448 Million in Financing for Skilled Nursing Portfolio

CFG, a leader in providing flexible financing and online banking solutions to the nationwide healthcare and multifamily financing industries and Mid-Atlantic commercial banking market, today announced the closing of a $308 million HUD-insured refinance for a portfolio of 13 skilled nursing facilities, representing the culmination of a multi-year strategic financing engagement that began with the structuring of the borrower’s acquisition financing and long-term HUD execution strategy.

While CFG’s relationship with the borrower extends back well before 2023, the firm began working with the borrower on this specific initiative in 2023, when the borrower acquired a 19-facility portfolio. During the acquisition process, CFG successfully executed HUD Transfer of Physical Assets (TPA) approvals for five facilities and served as a strategic advisor in structuring the transaction’s capital stack. This included guidance on multiple mezzanine loan facilities and bridge financing components, ensuring the ownership structure and financing arrangements would remain compliant with HUD requirements and support the borrower’s long-term financing objectives.

Following the acquisition, CFG assisted the borrower in obtaining HUD Corporate Credit Review (CCR) approval, establishing the organization as an approved HUD borrower with eligibility for more than $1 billion of HUD-insured financing capacity. Notably, this approval marked CFG’s second Corporate Credit Review approval for a borrower exceeding $1 billion in HUD financing capacity within the past two and a half years, underscoring the firm’s expertise in navigating HUD’s approval process for large and complex healthcare operators.

The transaction was originated by Catherine Mansel, CFG Associate Vice President, who worked closely with the borrower throughout the process and played an instrumental role in advancing the financing strategy from acquisition through refinance.

In conjunction with the HUD refinance, Jeffrey Stein, CFG Managing Director of Accounts Receivable Finance, originated a HUD Working Capital Line of Credit designed to complement the real estate financing and enhance the borrower’s liquidity position.

Additionally, CFG provided financing for the borrower’s continued expansion through the closing of a $130.9 million bridge loan acquisition financing. The bridge loan financed the acquisition of six skilled nursing facilities and was also originated by Catherine Mansel. To complement the acquisition financing, Jeffrey Stein originated a $9 million working capital facility, providing operating liquidity and supporting the borrower’s transition and integration plans following the acquisition.

“Collectively, these transactions demonstrate CFG’s unique ability to deliver comprehensive financing solutions across the capital stack, including acquisition financing, bridge loans, HUD-insured permanent financing, and working capital facilities,” said Erik Howard, CFG President.

“This transaction is a testament to the value of engaging HUD financing experts at the very beginning of the process,” added Craig Casagrande, CFG Managing Director of HUD. “This long-time CFG borrower came to us at the outset of the acquisition to help navigate and structure the transaction in a manner that would ultimately comply with HUD requirements and support their long-term financing objectives.”

“By taking a proactive approach to the ownership and financing structure from day one, we were able to position the portfolio for a successful HUD execution and deliver a long-term financing solution that supports the borrower’s continued growth and success,” continued Jeffrey Stein, CFG Managing Director of Accounts Receivable Finance.

The transactions further demonstrate CFG’s market-leading expertise in healthcare finance and its ability to deliver tailored debt solutions for complex acquisitions, ownership transitions, working capital needs, borrower approvals, and large-scale refinancing initiatives across the skilled nursing sector.

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About CFG

CFG, headquartered in Baltimore, Maryland, provides flexible financing and online banking solutions nationwide, with a specialized focus on the healthcare and multifamily industries, as well as the Mid-Atlantic commercial banking market. CFG is the largest bank headquartered in Baltimore with assets over $6.0 billion as of December 2025. With more than 30 years of experience, CFG is among the most established healthcare bridge-to-HUD lenders in the United States. The company combines institutional scale capabilities with relationship driven, boutique service to structure tailored financing solutions that support long-term client success. Through its Bridge, HUD, and Agency division CFG delivers comprehensive financing solutions to healthcare operators and owners across the country, offering expertise in HUD-insured loans, bridge lending, mezzanine financing, working capital solutions, and commercial banking services. CFG, is a national leader in the FHA-insured mortgage industry, having provided more than $7.1 billion in Section 232 mortgages nationwide. For more information, visit www.CFG.bank and follow CFG Bank on LinkedIn, Facebook, Instagram, and X. Member FDIC. Equal Housing Lender.