IDB Bank Arranges $201.5 Million of Financing to Benefit a National Portfolio of Skilled Nursing Facilities

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Jun 20, 2024, 10:00 ET

NEW YORK, June 20, 2024 /PRNewswire/ -- IDB Bank ("IDB"), a New York-based private and commercial bank, has served as the Administrative Agent to a $201.5 million Bridge-to-HUD loan to benefit a national portfolio of 21 skilled nursing facilities, with locations in North Carolina, Michigan, Georgia and Texas. The recent financing activity signals both the Bank's robust financing capabilities and strengthening presence across high-opportunity domestic markets.

"As an active lender in the Healthcare space, we continue to leverage our unique market position and customized financing solutions to execute for our clients. Serving as Administrative Agent on the successful syndication of this transaction further demonstrates the bank's capabilities as we continue to grow our Healthcare platform," said Michael Palermo, National Head of Healthcare & Not-For-Profit Lending.

Under Palermo's leadership, the deal was additionally executed by John Bertolozzi, SVP of Commercial Loan Syndications and Thierry Decembre, Senior Relationship Manager of Healthcare.

As Administrative Agent, IDB will hold $100 million of the debt. The successful financing follows several notable deals for the Bank's National Healthcare Lending division, signaling our continued industry enthusiasm, and rounding out a very active H1 2024.

Recent Healthcare Deals:

January 2024: IDB served as the Sole Lender, refinancing $48 million of debt to a Maryland-based behavioral health provider. The deal was facilitated by Michael Palermo and Thierry Decembre.
February 2024: IDB served as Senior Lender in a $10.4 million construction financing deal to TriStar Realty on behalf of Encore at Ventana, a 20,000 square foot medical office building. The deal was facilitated by Tom Belli, SVP and Head of California Healthcare, and signals the Bank's strategic entry into healthcare construction lending.
May 2024: IDB served as Sole Lender in an $18.5 million term loan to facilitate the acquisition of a Florida-based skilled nursing facility. The deal was facilitated by Michael Palermo and Thierry Decembre.

About Israel Discount Bank of New York ("IDBNY" or "IDB Bank")

IDB Bank is a New-York State-chartered commercial bank, a member of the FDIC, and a wholly owned subsidiary of Israel Discount Bank LTD., one of Israel's leading Banks. In addition to its Manhattan headquarters, IDB Bank operates full-service offices in California, Florida and the tristate area, including branch locations in Brooklyn, N.Y, Staten Island, N.Y and Short Hills, N.J. The Bank provides a complete range of private banking and commercial banking services to U.S and international clients.

For 70 years IDB Bank has built its business by fostering deep relationships with its clients, rapid decision-making, and the ability to develop custom-tailored solutions for both its domestic and international clientele.

SOURCE IDB Bank