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NEW YORK CITY — Popular Community Bank has provided term loans of $18 million and $13 million for Grand Healthcare System, a skilled nursing owner and operator in New York.
The loans were used to exercise purchase options Grand had on two facilities it operates: The Grand at Queens, a 179-bed facility in the New York borough of Queens, and the Grand at Pawling, a 122-bed facility in the Hudson Valley. Grand has operated both facilities since 2014.
The properties are fully stabilized with above 95 percent. The Grand at Queens recently opened a 14-bed unit specifically for stroke victims.