Baltimore-based Capital Funding Group (CFG) Tuesday announced the closing of a $40 million loan for the refinancing of an assisted living and memory care facility in Simi Valley, California.
The facility, Varenita of Simi Valley, features 81 beds. The transaction was executed on behalf of award-winning real estate development firm and nationally recognized borrower, Griffin Living. The recently built Class A AL/MC development opened in February 2022 and was over 50 percent pre-leased.
This financing serves as the second transaction CFG has executed for Griffin Living’s California facility portfolio. In June, CFG closed a $32.9 million construction loan for Griffin; the financing supported the ground up development of Varenita of Temecula, a 108-bed assisted living and memory care facility in Temecula, California.
This financing builds on the company’s momentum from the first half of 2022, where CFG closed over $1.8 billion in financing across 68 deals nationwide.