NEW YORK CITY—Mortgagefirm Eastern Union Commercial has arranged $34 million in refinancing for a four-building, 580-bed skilled nursing portfolio in New York and New Jersey.
Provided through M & T Bank, the $34 million loan was financed at 5.03 percent fixed for 5 years. Abraham Bergman, managing partner of Eastern Union, negotiated the loan on behalf of the borrower, a privately held nursing home owner and management company.
Three of the properties are fully operational, while the fourth, a 120-bed skilled nursing facility, is currently under. The project broke ground at the end of 2011, and is expected to be complete at the end of 2012.
Financing of medical facilities has become increasingly difficult given the numerous medical and healthcare cuts in today’s market. Bergman was able to close this transaction by working with M & T Bank to help mitigate the risk, packaging the four buildings together.