The Real Deal New York

NY-Presbyterian stitches up $327M loan for Park Slope facility

The hospital received financing from Bank of New York Mellon
By Ben St. Clair | April 26, 2017 02:45PM

2016 approved rendering of hospital expansion at 515 Sixth Street in Brooklyn (Credit: Perkins Eastman via YIMBY)

NewYork-Presbyterian secured $327 million in financing for its new Park Slope facility, city filings show. Bank of New York Mellon provided the loan.

The mortgage filing, dated Jan. 30, entered the public records Wednesday.

The loan follows $29.7 million of tax-exempt bonds, issued by the Build NYC Resource Corporation in 2014. Bank of New York Mellon is the bond trustee, according to Wednesday’s documents.

The existing hospital on Sixth Street, New York Methodist Hospital, merged with NewYork-Presbyterian in December, creating NewYork Presbyterian Brooklyn Methodist Hospital. The inpatient facility sees roughly 42,000 inpatients and 500,000 outpatients annually, according to a press release from NewYork-Presbyterian.

The planned facility will serve as an outpatient care center across from the existing hospital. Demolition of the existing brownstones began in May, Crain’s reported.

New York Methodist had previously reduced the size of the outpatient center by 28,000 square feet in response to a suit brought by Preserve Park Slope, scaling the building down from seven stories to six.

NewYork-Presbyterian did not immediately respond to requests for comment.

The hospital system, the largest in New York City, signed a lease for 500,000 square feet at RXR Realty’s 237 Park Avenue last year.