Core Value Finance(CVF) Closes $17.27 Million in Bridge-to-HUD Financing for Acquisition of Three Massachusetts Skilled Nursing Facilities
Core Value Finance (CVF) today announced the closing of $17.27 million in Bridge-to-HUD financing for the acquisition of three skilled nursing facilities in Massachusetts. The facilities support 322 beds. CVF closed the deal on June 28, 2024 – less than 60 days from receipt of signed term sheet – on behalf of a nationally recognized borrower.
“The successful closing of this financing demonstrates the value our decades of experience in HUD-compliant underwriting and long-standing relationship with HUD provides to our clients,” said Tim Eberhardt, CVF Bank Chief Lending Officer, Bridge and HUD Loans. “When executing bridge loans, we take a strategic, forward-looking approach to mitigate HUD take-out risk and ensure compliance with HUD specifications to streamline next steps in the loan’s lifecycle for our clients. This one-stop-shop model differentiates us from traditional lenders in the market.”
Craig Casagrande, Core Value Finance, LLC Managing Director, Real Estate Finance, and Catherine Mansel, CVF’s Associate, originated the transaction for the company.
This financing follows CVF recent announcement of the closing of a $23.6 million Bridge-to-HUD loan, which supported the refinancing of an existing bridge loan executed by CVF. The deal supported a 169-bed skilled nursing facility in Delaware.
About CVF
CVF is a full-service provider of comprehensive financing solutions for the national healthcare industry, focusing on the long-term care, assisted living and hosCVFital sectors, and multifamily industry. Headquartered in Baltimore, Maryland, CVF is known as a one-stop shop, with expertise in HUD loans, bridge lending, mezzanine financing, working capital loans and commercial banking services through the CVF family of companies.
About CVF Bank
CVF Bank, headquartered in Baltimore, Maryland, provides flexible financing and online banking solutions to the national healthcare and multifamily markets and the Mid-Atlantic region. CVF Bank is the 6th largest bank in the Baltimore area based on deposits and the largest that is based in Baltimore. CVF Bank has grown from $1 billion in assets at the end of 2019 to over $5 billion in assets at the end of 2023 and is among the five largest and most experienced healthcare bridge-to-HUD lenders in the country, serving its clients and helping them grow for over 30 years. CVF Bank transforms the banking experience by delivering big bank capabilities and expertise, coupled with relationship-driven boutique bank service. CVF Bank has branches in Lutherville and Baltimore City, and a cashless branch in Annapolis.
About Core Value Finance, LLC
Core Value Finance, LLC, a subsidiary of CVF Bank, is the national leader in the FHA-insured mortgage industry, providing more than $6 billion in Section 232 mortgages nationwide. CVF Bank is an Equal Housing Lender. Member FDIC.
