57
NEW YORK — Cain Brothers Funding LLC, the mortgage banking affiliate of Cain Brothers, has arranged a $17.8 million mortgage loan for Saints Joachim and Anne Nursing & Rehabilitation Center, a 200-bed skilled nursing center in Brooklyn owned by Catholic Charities of Brooklyn and Queens.
The purpose of the FHA loan was to refinance existing commercial bank and tax-exempt bond indebtedness to a lower rate while maintaining flexibility for the borrower to repay the mortgage after one year.