CFG Capital Markets Research
Advisory Approach
CFG Capital Markets, LLC is a FINRA-registered investment banking and securities firm (CRD# 39468) that provides capital raising, M&A advisory, and strategic advisory services with a specialized focus on healthcare operating companies and healthcare real estate. The firm operates as the investment banking affiliate of Capital Funding Group (CFG), a Baltimore-based healthcare lender that has financed more than $930 million in senior housing and skilled nursing facilities in the first half of 2025 alone.
The firm's advisory philosophy centers on deep domain expertise in the healthcare and senior living sectors, leveraging institutional knowledge of healthcare real estate capital structures, REIT transactions, and operating company dynamics. CFG Capital Markets combines traditional investment banking services with practical market intelligence gained from CFG's active lending platform in senior housing and skilled nursing facilities.
Sector Focus
CFG Capital Markets concentrates exclusively on healthcare-related sectors, with particular depth in:
Senior Living and Senior Housing: The firm has advised on multiple transactions involving assisted living facilities, memory care communities, and continuing care retirement communities (CCRCs). Their team understands the unique operational and financial dynamics of senior living, including census management, Medicare/Medicaid reimbursement, and the sale-leaseback structures common in the industry.
Skilled Nursing and Post-Acute Care: CFG Capital Markets advises skilled nursing facility owners on recapitalizations, sales to strategic buyers and REITs, and debt refinancing. The firm's affiliation with CFG's lending platform provides visibility into facility-level operations and HUD financing processes.
Behavioral Health: The firm has completed transactions in behavioral health, including the 2017 sale of HHA, Inc. and Pine Grove, Inc. to Meridian Behavioral Health Systems, demonstrating expertise in mental health facility M&A.
Healthcare Real Estate: A significant portion of CFG's deal flow involves healthcare real estate, including sale-leasebacks, REIT acquisitions, and portfolio transactions. The firm advised on the sale of Smith Packett to HealthLease REIT in 2013, and multiple American Housing REIT transactions.
Deal Track Record
CFG Capital Markets has completed 11 transactions tracked on Axial between 2013 and 2017, with total transaction values ranging from $28 million to over $150 million in individual deals. Notable transactions include:
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Oxford Senior Living to American Housing REIT ($28M, 2017): CFG Capital Markets (Mike Coiro, Samer Tahboub, Mike Perkins) arranged the sale-leaseback of two senior living communities—a 48-unit memory care community in Derby, Kansas, and a 73-unit assisted living and memory care community in McKinney, Texas. The transaction featured a 7.8% initial lease rate with annual escalators, and MidCap Financial provided acquisition financing.
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HHA, Inc. to Meridian Behavioral Health Systems (2017): Sell-side advisory on the acquisition of HHA, a healthcare services company, by Meridian Behavioral Health Systems.
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Pine Grove, Inc. to Meridian Behavioral Health Systems (2017): Another behavioral health transaction where CFG advised on the sale to Meridian.
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Smith Packett to HealthLease REIT (2013): CFG advised on the sale of Smith Packett, a healthcare real estate firm, to HealthLease REIT.
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Compass Pointe Healthcare System capital raise (2017): CFG advised Compass Pointe in securing investment from Milestone Retirement Communities, LLC.
The firm's deal history shows strong repeat relationships with buyers like Meridian Behavioral Health Systems and American Housing REIT, indicating deep sector networks. Transactions span geographies from Texas and Kansas to Maryland, demonstrating national reach.
Process & Fee Structure
CFG Capital Markets runs institutional-quality sell-side and capital raising processes for healthcare companies and real estate owners. Typical engagement structures include:
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Sell-Side M&A: Comprehensive buyer outreach to strategic buyers (healthcare systems, larger operators) and financial sponsors (REITs, private equity). The firm maintains relationships with healthcare-focused REITs like American Housing REIT and HealthLease REIT.
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Debt Placement: Leveraging CFG's lending platform, CFG Capital Markets arranges bridge financing, HUD loans, and permanent financing for senior housing and skilled nursing facilities. The firm arranged debt financing for Signature HealthCARE at St. Peter Villa via The Arba Group.
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Sale-Leaseback Advisory: The firm has expertise in sale-leaseback transactions, a common structure in senior housing where operators sell real estate to REITs and lease back the properties. The Oxford-American Housing REIT deal exemplifies this capability.
Fee structures follow industry standards for lower middle market investment banks, typically success-based retainers with success fees contingent on transaction closing. Specific fee percentages are not publicly disclosed.
Buyer Network
CFG Capital Markets maintains relationships with:
REITs: American Housing REIT (multiple transactions), HealthLease REIT
Strategic Buyers: Meridian Behavioral Health Systems (behavioral health acquirer)
Debt Providers: MidCap Financial (provided acquisition financing for Oxford deal), The Arba Group
Private Equity/Sponsors: Milestone Retirement Communities, Concord Healthcare Group, Oxford Derby Memory Care
The firm's affiliation with CFG Bank provides access to debt capital and visibility into healthcare real estate capital flows, enhancing its ability to match sellers with appropriate buyers and financiers.
Competitive Positioning
CFG Capital Markets differentiates through:
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Pure Healthcare Focus: Unlike generalist lower middle market banks, CFG concentrates exclusively on healthcare operating companies and healthcare real estate, developing sector-specific expertise in reimbursement, regulation, and capital structures.
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Lending Platform Integration: The firm's affiliation with CFG's active lending platform in senior housing and skilled nursing provides proprietary deal flow and market intelligence. CFG financed $930 million in healthcare real estate in the first half of 2025 alone.
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Transaction Type Versatility: CFG advises on sell-side M&A, buy-side assignments, capital raises, debt placements, and sale-leasebacks, providing comprehensive financial advisory to healthcare business owners.
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Senior Living Depth: The firm has completed multiple senior living transactions with different acquirers and structures, demonstrating deep understanding of assisted living, memory care, and CCRC economics.
Not a Fit If
CFG Capital Markets is not ideal for:
- Businesses outside healthcare and healthcare real estate
- Transactions below $10 million in enterprise value (typical lower middle market floor)
- Companies without real estate components (CFG's strength is in operators with owned real estate)
- Founders seeking limited buyer outreach—CFG's value is in targeted healthcare buyer networks
Team
CFG Capital Markets is led by experienced healthcare investment banking professionals:
Michael Coiro – Executive Managing Director (2004-2021). Mike led the M&A practice at CFG Capital Markets and has extensive experience in senior living and healthcare real estate transactions. He was a key advisor on the Oxford-American Housing REIT deal.
Samer Tahboub – Former Managing Director (4 years). Samer spent four years as a Managing Director at CFG Capital Markets, focusing on capital raising and M&A for financial services organizations, commercial and healthcare REITs, and insurance companies. He holds an MBA from Johns Hopkins University and previously served on the board of the Alzheimer's Association of Greater Maryland. He is now Founder & CFO at Park Street Senior Living.
Michael Perkins – Investment Banking Analyst. Mike worked on multiple CFG transactions including the Oxford deal and HHA/Pine Grove sales to Meridian Behavioral Health.
Michael Burchell – Managing Director (2007-2019). Michael was a long-time Managing Director at CFG Capital Markets and is currently affiliated with Independence Square Holdings.
The team averages 15+ years of healthcare investment banking experience, with particular depth in senior housing, behavioral health, and healthcare real estate. Team members hold FINRA Series registrations and maintain active relationships with healthcare operators and REITs nationwide.
Geographic Coverage
CFG Capital Markets is headquartered in Baltimore, Maryland (6300 Blair Hill Lane, Baltimore, MD 21209) and serves clients nationally. The firm's transaction history includes deals in:
- Texas (McKinney – Oxford deal)
- Kansas (Derby – Oxford deal)
- Maryland (Baltimore headquarters)
- Multiple states for Smith Packett sale
The firm's affiliation with CFG Bank, which has financed facilities across Colorado, California, Wyoming, Alabama, Arizona, Utah, and other states, provides national market intelligence and deal flow.