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VestraCare Secures Financing for James Square Health and Rehab in Syracuse

Arbor Provides $41.65M Bridge Loan for Skilled Nursing Facility
February 15, 2018
VestraCare, a NY-based seniors housing and healthcare firm, secured a $41.65 million bridge loan for the 440-bed James Square Health and Rehab skilled nursing facility located in Syracuse, NY.

James Square Health and Rehab totals 149,612 square feet in two, four-story buildings at 906-918 James St. VestraCare recently acquired the buildings and plans to make more than $4 million in capital improvements, retrain staff, appoint a new property administrator and re-brand the community.

Arbor Realty Trust, a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing and healthcare complexes, provided the bridge loan, which carries an initial term of 36 months and was underwritten with plans for a HUD takeout loan after the business plan is executed.

Alexander Kaushansky, vice president of originations at Arbor Realty Trust, said, “This was a very complex transaction, but we were able to get behind the business plan to offer the most aggressive terms possible.”
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