A skilled nursing owner/operator in Morris County, New Jersey (New York City MSA) obtained financing from Lakeland Bank to expand and improve its services in the state. The $4.1 million loan will help fund renovations to underutilized space and increase the number of available licensed beds at the unnamed facility.
The projects were not expected to disrupt day-to operations, according to Ron Krauskopf of Lakeland’s Healthcare Banking group, who worked on the transaction. Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc., which has over $7 billion in total assets.
