Berkadia Secures $104M Loan for NYC Skilled Nursing Facility

Managing Director Richard Price and Senior Director Gemma Geldmacher secured the financing for Workmen’s Circle Multicare Center in the Bronx.
Workmen’s Circle Multicare Center. Image via Google Streetview

Berkadia’s Managing Director Richard Price from the Chevy Chase office, together with Senior Director Gemma Geldmacher of the company’s Boston office, secured a $104.3 million financing for Workmen’s Circle Multicare Center in the Bronx, N. Y. The 232/223 (f) loan features a 20-year fully amortizing term and was secured through HUD, on behalf of Cassena Care. Vice President Trish Maroney of Berkadia’s Syracuse office led the underwriting team. In addition to the HUD loan, Berkadia also provided a bridge loan secured by the project’s surplus cash.

The property is located at 3155 Grace Ave., in the Baychester neighborhood of the Bronx, and provides a wide range of clinical services, including skilled nursing, social services, palliative, mental health, dietary services, pain management programs, as well as hospital services. The multicare center can be accessed via Interstate 95 and is situated across the street from Haffen Park and its entertainment facilities.

The nearby area is home to the NYC Health + Hospitals, Jack D. Weiler Hospital and Calvary Hospital. Last month, a $118 million senior housing project also opened at 285 E. 138th St., one of the few affordable properties of this kind scheduled for completion in the New York City area this year.

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