New Jersey Facility Snags $13.3M Refi; Centre Care Buys Land for 240-Bed SNF

Developer Hits Milestone on $60M SNF in White Plains, N.Y.

The Congress Companies, based in Massachusetts, is building a $60 million, 160-bed skilled nursing facility in White Plains, N.Y., and celebrated a topping-off ceremony on June 12, the Westchester County Business Journal reported.

The construction of the White Plains Institute for Healthcare & Rehabilitation is being led by a joint venture between Congress and Consigli Construction Co.

Epic Healthcare Management, which is based in Croton-on-Hudson, N.Y., will operate the facility, which is expected to feature 76 specialized rehabilitation beds, 42 beds focused on Alzheimer’s care, and 42 long-term care beds. Each will have specially designed nursing units.

Contemporary Healthcare Capital Closes $13.3M Refi for NJ SNF

Contemporary Healthcare Capital closed $13.3 million in senior and mezzanine loans to refinance a 128-bed SNF in Newton, N.J., REBusinessOnline reported. The borrower is an owner-operator serving New York and New Jersey. The mezzanine loan totaled $1.9 million, while the senior loan was a $10 million secured buy with $1.4 million cash secured.

Commercial Bank of Harrogate, Tenn., served as Contemporary’s senior lending partner on the transaction.

Center Care Buys Land for SNF in College Township, PA

The non-profit Centre Care purchased 30 acres of land in College Township, Penn., for a new 240-bed SNF, StateCollege.com reported.

The land was purchased for $1.4 million, though the project itself has a total price tag of $39 million and is being funded through a capital campaign, government loans and organization resources.

Centre Care currently operates the Centre Crest in Bellefonte, Penn. The operator announced plans to move its Bellefonte location to a new facility in College Township in July of last year.

Written by Maggie Flynn