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GLEN COVE, N.Y. — Pillar has provided a $32.5 million HUD loan for the rehabilitation of The Regency at Glen Cove, an assisted living community and memory care on Long Island. At the end of the project, the community will have 132 units.
The borrower is National Healthplex Inc., a nonprofit owner. Joshua Hausfeld, managing director of Pillar’s Healthcare Finance team, originated the 40-year loan.
Pillar is an affiliate of Guggenheim Partners that focuses on financing solutions for market-rate multifamily and healthcare properties.