Cross River provided a $50 million term loan and a $10 million revolving credit facility to refinance Hudson Regional, a 204-bed, acute-care hospital located at 55 Meadowlands Parkway, the firm said in a statement.
“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,” Executive Vice President Shimon Eisikowicz said. “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, which focuses on first mortgage loans secured by skilled nursing facilities, senior housing properties and specialty hospitals.
The platform is led by Douglas Esposito, a senior vice president at Cross River with more than 25 years of experience in the health care industry.
“This funding demonstrates our ability to close a large and complicated transaction for a well-respected, local health care provider,” he said. “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.”