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SAN JOSE, CALIF. — Forbright Bank has provided a $44.2 million HUD-insured loan to finance a 318-bed skilled nursing, assisted living and memory care facility located in the Silicon Valley city of San Jose. Further details about the property were not released.
Provided under the HUD 232/223(f) program, the 35-year, fully amortizing term loan will be used to refinance existing Forbright Bank bridge and partnership debt, as well as cover the cost of recent capital expenditures and critical repairs. Forbright originally provided acquisition financing and a line of credit for working capital for the undisclosed borrower in 2022.