Cross River Bank in Fort Lee completed a $50 million term loan and a $10 million revolving credit facility to refinance Hudson Regional Hospital, a four-story, 204-bed acute care hospital in Secaucus.
“Our new health care lending team hit the ground running and has already closed more than $200 million in financing in their first year of operation,” said Executive Vice President and Chief Lending Officer Shimon Eisikowicz on Sept. 13. “Our goal is to meet the lending needs of new and existing partners by expanding our credit capacity, furthering solidifying Cross River’s position in the industry while upholding the trust, dependability and innovation we are known for.”
The transaction was executed by the bank’s health care lending platform, which was started in 2020 by Douglas Esposito who still leads it. Esposito brings 25 years of health care industry expertise to Cross River and his platform offers a range of health care financing solutions with a focus on first mortgage loans secured by skilled nursing facilities, senior housing properties and specialty hospitals.
The platform has completed more than $200 million in financing over the past 12 months, despite the pandemic.
Cross River’s health care lending platform offers loans ranging in sizes from $5 million to $80 million. Recent transactions include a $50 million health care warehouse line for a national HUD lender; a $43.0 million term loan participation for a southeast skilled nursing portfolio; and a $48.5 million senior term loan for an Illinois skilled nursing portfolio.
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