Housing & Healthcare Finance LLC announced the closing and funding of $46.8 million in acquisition financing to the founders of CareRite Centers for their purchase of The Phoenix Center for Rehabilitation and Nursing (formerly Atlantis Rehab Center).
The 400-bed skilled nursing facility is located in the Fort Greene section of Brooklyn, NY.
The acquisition financing was a combination of a $41.6 million first mortgage and a $5.2 million mezzanine loan provided by HHC Finance. The overall financing package also included a $4 million accounts receivable line of credit.
The Phoenix Center is adjacent to Brooklyn Hospital.