SYRACUSE, N.Y. — Arbor Realty Trust Inc. (NYSE: ABR), a real estate investment trust and direct lender, has provided a $41.7 million bridge loan for the acquisition of James Square Health and Rehabilitation Center, a 440-bed skilled nursing facility in Syracuse.
James Square features two four-story nursing facilities built in 1970 and 1982 and a single-story maintenance facility constructed in 2014, all situated on 5.5 acres.
New York-based seniors housing and healthcare firm VestraCare acquired the property from a Chicago-based seller. The new owner plans to keep the existing staff, but replace the property administrator, rebrand the community and invest $4 million in capital improvements.
Alexander Kaushansky of Arbor Realty Trust arranged the financing. The bridge loan carries an initial term of 36 months and was underwritten with plans for an eventual HUD takeout loan.
Evan Goldenberg of EBEX Holdings assisted all parties in the financing. Ari Dobkin of Meridian Capital Group, represented VestraCare.