BETHESDA, MD. — Congressional Bank, a Bethesda-based community bank, has closed five loans in three transactions for three seniors housing communities. The loans total roughly $11.6 million. The transactions include a $3 million bridge to HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a 107-bed skilled nursing facility in New Bedford, Mass.; a $2.6 million bridge to HUD loan and a $500,000 revolving line of credit for the acquisition of a 67-bed skilled nursing and assisted living facility in Huntington, W.Va.; and a $4 million revolving line of credit in connection with the acquisition and operations of a 118-bed skilled nursing facility in Tucson, Ariz. Following its merger with American Bank with more than $800 million in assets, Congressional Bank becomes one of the 10 largest banks headquartered in Maryland, and one of the 15 largest banks headquartered in the metropolitan Washington, D.C., area.
Congressional Bank Closes Three Seniors Housing Loan Transactions Totaling $11.6M