NEWFANE, N.Y. — Contemporary Healthcare Capital has provided a $2.1 million mezzanine loan to refinance a skilled nursing facility in Newfane, located along Lake Ontario north of Buffalo.
The borrowers were affiliates of Maximus Healthcare Group. The 165-bed facility totals 61,000 square feet situated on 8.3 acres.
CoastalStates Bank provided the accompanying senior loan. The Contemporary and CSB loans refinance an existing and maturing term loan originally provided by Contemporary and another regional commercial bank for the acquisition of the facility approximately 3.5 years ago.