Property Type: 120 Bed Nursing Home and 52 Bed ALF Loan Amount: $9,400,000 Loan: Construction and Permanent Financing
Transaction Summary: Our client’s private SNF census was declining due to the opening of several newer long-term care facilities. Further, these newer facilities were planning assisted living wings. Our client knew an expansion and renovation was in order to retain and attract private pay census. New York Commercial Lending conducted a financial feasibility modeling session that supported the renovation and ALF addition. We then helped our client interview and engage the market study provider, appraiser, contractor, architect and a project manager/development advisor. Result: NYCL funded a 40 year construction to permanent loan, under HUD’s 232 program that paid off the bank and allowed for renovations to the nursing facility and a 52 bed assisted living.