September 13, 2021
CROSS RIVER COMPLETES $60 MILLION FINANCING PACKAGE FOR NEW JERSEY HOSPITAL THROUGH ITS NEW HEALTHCARE LENDING PLATFORM
Healthcare Lending platform, led by industry veteran, Douglas Esposito, will complement Cross River’s rapidly growing Commercial Lending team
FORT LEE, N.J. - Cross River Bank (“Cross River”), a technology-forward, New Jersey state-chartered FDIC-insured bank known for its innovative commercial lending and deep market knowledge, today announced that it has completed a $50 million term loan and a $10 million revolving credit facility to refinance Hudson Regional Hospital, a 204-bed acute care hospital in Secaucus, New Jersey.
“Our new healthcare lending team hit the ground running and has already closed more than $200 million in financing in their first year of operation,” said Shimon Eisikowicz, EVP, Chief Lending Officer at Cross River. “Our goal is to meet the lending needs of new and existing partners by expanding our credit capacity, further solidifying Cross River’s position in the industry while upholding the trust, dependability and innovation we are known for.”
The transaction was executed by Cross River’s new Healthcare Lending platform, initiated in 2020 and led by industry veteran, Douglas Esposito, who brings over 25 years of healthcare industry expertise to Cross River. The new Healthcare Lending platform offers a wide range of healthcare financing solutions with a focus on first mortgage loans secured by skilled nursing facilities, senior housing properties and specialty hospitals. The platform has a national lending footprint and has completed over $200 million in financing over the past twelve months, despite launching amidst the Covid pandemic.
“This funding demonstrates our ability to close a large and complicated transaction for a well-respected, local healthcare provider,” said Douglas Esposito, SVP, Healthcare Lending at Cross River. “We are excited to be a part of the growth and success of the hospital and look forward to continuing to grow the Healthcare Lending platform.”
Hudson Regional Hospital is a four-story, 204-bed acute care hospital located at 55 Meadowlands Parkway in Secaucus, New Jersey. The hospital is owned by well-respected, local real estate investor and healthcare operator, Yan Moshe. Since acquiring the hospital in 2018, Yan Moshe has invested tens of millions of dollars into renovating the property, adding technological innovations, and attracting top-tier practitioners and surgeons from the New York Metro area. Popular Bank, which has an existing relationship with the sponsor, acted as co-lender on the transaction. The transaction was arranged by Meridian Capital Group.
The Healthcare Lending platform at Cross River provides financing for a variety of healthcare properties and healthcare businesses across the country, complementing Cross River’s existing commercial lending offerings. Loan sizes range from $5 million to $80 million. In addition to the Hudson Regional Hospital financing, recent transactions include:
A $50.0 million healthcare 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.
To learn more, please visit crossriver.com/healthcare-real-estate.
About Cross River Bank
About Cross River Commercial Lending
Cross River Bank’s Commercial Lending team provides a personalized approach in helping property owners, investors, brokers, and institutions identify the right commercial loan products. Utilizing its own balance sheet, coupled with a tech-enabled process, the team can often get the loan approved and closed in a more expeditious, user-friendly, and efficient manner. The Commercial Lending team is comprised of Commercial Real Estate, Lender Finance, and Healthcare Lending platforms.
The Commercial Real Estate (“CRE”) team originates and services portfolios of multi-family, retail, bridge, construction, and mixed-use commercial real estate loans, specializing in the New York, New Jersey, Connecticut, and northern Pennsylvania markets, with loan sizes ranging from $250,000 up to $80 million.
Additionally, on a more national scale, the Bank offers a unique Lender Finance platform, created to provide bank leverage for CRE bridge and private lenders. Cross River enables these lenders to maximize their profits by offering warehouse lines of up to $50 million per borrower. These custom-tailored lines can be used to finance the bridge and private lenders positions in their existing and growing portfolios. The Bank offers lenders an option of note-on-note financing as well. The loans are secured by bridge loans on commercial real estate properties across all fifty states.
Also on a national scale, the Bank’s Healthcare Lending platform provides financing for a variety of healthcare properties including, but not limited to, skilled nursing facilities, senior housing properties, hospitals, and behavioral health facilities as well as other healthcare businesses across the country, complementing Cross River’s existing portfolio of Commercial Lending offerings. Loan sizes range from $5 million to $80 million. For more information, please visit www.crossriver.com/commercial-lending and on LinkedIn.