June 1, 2010
By Allison Landa, News Editor
Healthcare real estate investment trust National Health Investors, Inc., announced Tuesday that it has entered a loan participation agreement with an affiliate of Capital Funding Group by which NHI agrees to provide funding up to $20 million.
The agreement is targeted toward CFG borrowers seeking bridge-to-HUD financing. CFG has provided more than $1.5 billion in HUD-insured mortgages nationwide.
To date, NHI has already funded $1 million of a $6.1 million total loan from CFG to a third-party borrower for the purchase of a 125-bed skilled nursing facility built in Navasota, Tex., in 2006.
“We are extremely excited about our relationship with NHI,” CFG chairman Jack Dwyer said when announcing the news. “The chance to partner with an industry leader like NHI will be mutually beneficial to both organizations for years to come.”
NHI will have approval on all loan commitments. The company invests in skilled nursing facilities, assisted living facilities, independent living facilities and medical office buildings. It also has an acute psychiatric hospital and an acute care hospital.