Forbright Bank Announces $26.5 million in Financing for the Acquisition of a Maryland Skilled Nursing and Assisted Living Facility
CHEVY CHASE, Md.–(BUSINESS WIRE)–Forbright Bank, a nationwide full-service bank helping accelerate the transition to a sustainable economy, today announced $26.5 million in financing for the successful acquisition of a Maryland skilled nursing and assisted living facility by a top tier 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,” said Amy Heller, President of Forbright Bank’s Healthcare Lending Division. “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. Thanks in part to Forbright Bank’s financing, the Borrower will provide residents with high quality care – consistent with their existing facilities in the region – for years to come.
About Forbright Bank:
Forbright Bank (www.forbrightbank.com), Member FDIC, Equal Housing Lender, is a full-service bank taking action to decarbonize the economy. Headquartered in Chevy Chase, Maryland, Forbright is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change.
Contacts
Ben Wakana, Forbright Bank, bwakana@forbrightbank.com