Popular Community Bank Closes $42.5M in Financing for Skilled Nursing Facility in Staten Island

by Jeff Shaw

NEW YORK CITY — Popular Community Bank, a subsidiary of Popular Inc. (NASDAQ: BPOP), has provided financing totaling $42.5 million for Richmond Center for Rehabilitation, a 372-bed skilled nursing facility in the Staten Island borough of New York City.

The financing consists of a $32 million mortgage to refinance the facility’s existing mortgage, a $9 million leasehold improvement line of credit which will be used to expand the neuro-behavioral unit from 72 beds to 144 beds, and a $1.5 million working capital line of credit.

Centers Healthcare operates the facility, which it acquired in 2012 from Bayley Seton Hospital. The neuro-behavioral expansion is slated for completion in the second half of this year.

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