Popular Community Bank, a subsidiary of Popular, Inc. (NASDAQ: BPOP), provided financing to assist Centers Health Care in acquiring a formerly struggling 405-bed skilled nursing facility in Bronx, New York. Centers had been operating the facility under receivership since 2013, when it was losing money under not-for-profit ownership. Now the facility is profitable, and Centers added a new 70-bed New York State Assisted Living Program unit, which is eligible for Medicaid reimbursement. To fund the acquisition, Andrew Boland of Popular closed a $46.6 million acquisition mortgage and a $5 million leasehold improvement line of credit.
A Popular transaction
