WANAQUE, N.J. — Capital Funding LLC and Bank Leumi USA have closed a $27.8 million loan for the acquisition of Wanaque Center for Nursing and Rehabilitation in Wanaque, approximately 30 miles northwest of Manhattan.
The borrower and buyer, Philosophy Care Group, has rebranded the property as the Phoenix Center for Rehabilitation and Pediatrics. The facility features 92 pediatric skilled nursing beds and 135 geriatric skilled nursing beds.
Capital Funding and Bank Leumi partnered to run a joint diligence process and co-funded the term loan, with Capital Funding, serving as agent for the transaction. Tim Eberhardt, vice president of real estate finance for Capital Funding, and Daniel Csillag, group head for healthcare for Bank Leumi USA in the Northeast region, originated the transaction.