$22.3M refinancing secured for behavioral hospital on Long Island
JLL Capital Markets led financing efforts for the 146-bed medical facility
NEW YORK, Jan. 25, 2021 – JLL Capital Markets announced today that it has arranged a $22.3 million refinancing for 81 Louden Ave., a 124,000-square-foot, 146-bed behavioral hospital facility in Amityville, New York.
JLL worked on behalf of the borrower, 81 Louden Real Estate Group LLC, to secure the five-year, fixed-rate loan through Webster Bank.
81 Louden Real Estate Group LLC owns the real estate operated for a private, acute psychiatric hospital consisting of two connecting psychiatric buildings. The hospital, which has been a tenant since 2004, offers inpatient programs for schizophrenia, schizoaffective disorder, depression, bipolar disorder, generalized anxiety disorder, obsessive compulsive disorder, dementia, autistic disorder, ADHD and comorbid substance abuse. As a restraint-free facility, the staff specialize in prevention and managing crisis situations, crisis management and psychoeducation models.
Positioned at 81 Louden Ave., the hospital is located 45 minutes from Manhattan, drawing patients from a wide radius throughout Long Island and the greater New York metro area. There is only one other inpatient behavioral hospital within a five-mile radius of the property with a population of 300,000 within the same radius. Additionally, the hospital is less than 40 miles from Stony Brook Medical Center, Montefiore Hospital, Jacobi Hospital and Weill Cornell Medical Center.
The JLL Healthcare Capital Markets team representing the borrower was led by Director Anthony Sardo, Senior Managing Director Elliott Throne and Vice President CJ Kodani.
“The medical facility is an excellent demonstration of the value created from a patient-first approach by an independent behavioral hospital operator with deep roots in the community they so loyally serve,” said Sardo. “Relationship-focused lenders with dedicated healthcare industry expertise like Webster Bank are keenly tuned to the mental health crisis afflicting our nation and have mission-driven approaches to financing the front line of this fight, optimizing outcomes for all involved.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.