Maryland-based Forbright Bank to launch housing, urban development lending line

Chevy Chase, Md.-based Forbright Bank will launch a new business line aimed at facilitating federally insured loans to finance nursing homes, assisted living facilities and multifamily housing.

The U.S. Department of Housing and Urban Development, via the Federal Housing Administration, provides mortgage insurance on real estate loans made by approved lenders for nursing homes and other care facilities, as well as affordable and market-rate multifamily housing. Forbright said the initiative demonstrates its commitment to deploy financing for positive business and social impact, according to an Oct. 22 news release.

Forbright named Jon Camps as managing director of the housing and urban development lending platform and to oversee the new initiative. Most recently, Camps was co-chief operating officer and chief compliance officer at Dwight Capital LLC.

Through this new product offering, which will sit within the bank's healthcare lending division, Forbright intends to offer direct housing and urban development loans, as well as structure bridge transactions designed to exit via housing and urban development, following final approval.