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Debt & Equity

Investors Bank antes up $28M nursing center loan

Eastern Union Funding inked a $27 million deal between a regional lender and the owners of a building occupied by the New York Center for Rehab and Nursing, located at 26-13 21st Street in Astoria.

Eastern Union’s Jonathan Singer and Abraham Bergman, Senior Managing Director and Managing Partner, respectively, led financing team on behalf of the borrower, Astoria Pines.

The team arranged a non-recourse 15-year loan with a competitive interest rate, brokered through leading New York City multifamily lender, Investors Bank.

“We needed a self-amortizing 15/15 loan. Jonathan and company delivered, quickly and methodically,” said Henry Schone, Managing Member of Astoria Pines.

In the three-month closing (an aggressive timeframe in the healthcare arena) Singer, together with investors, fielded their share of challenges.

“The financing team was facing steep competition on multiple counts. Thanks largely to the due diligence of Eastern’s underwriters and the team at Investors, we were able to wrap our heads around the deal and get it past the finish line,” Singer said.

The New York Center for Rehab and Nursing is a nine-story building with 280 beds. It is located near the RFK Bridge.

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