NEW YORK CITY — Cain Brothers, acting as investment banking advisor, has arranged a $9.1 million loan for St. Patrick’s Home for the Aged and Infirm, a 264-bed skilled nursing facility in the Bronx.
Carmelite Sisters for the Aged and Infirm have owned and operated the community since 1931. Proceeds from the financing will be used to refinance an existing loan with a foreign bank looking to exit the U.S. market, as well as to fund capital expenditures.
Cain Brothers served as the structuring agent to solicit taxable term loan proposals. In addition, Cain Brothers will assist St. Patrick’s Home in entering into a fixed pay interest rate swap to hedge the variable rate interest on the loan.