Cassena Care lands $61M loan for Crown Heights nursing facility

The firm bought 520 Prospect Place for $64 million last May

TRD New York /
Oct.October 22, 2018 04:45 PM

520 Prospect Place (Credit: Google Maps)

Nursing home operator Cassena Care secured a $61.4 million loan for a senior housing facility that it acquired last year.

Bank of America provided the debt, which replaces a loan from last July, also from the bank. The new mortgage consists of the existing $24.4 million debt on the property and $37.3 million in new financing, according to records filed with the city.

The property, at 520 Prospect Place in Crown Heights, is a 320-bed home that spans 118,200 square feet. Cassena bought the building last May in a deal valued at $64 million.

The previous owner of the property, nonprofit organization CenterLight Healthcare, had been selling pieces of its real estate portfolio as it faced charges of Medicaid fraud. It was accused of collecting monthly Medicaid payments from 186 patients who didn’t receive the services they were charged for. The organization paid a $10 court settlement in March.

The sale of the Prospect Place property was part of a Department of Health-proposed plan to recapitalize CenterLight. The organization previously sold its Queens facility, also to Cassena Care, in 2016.

Related Articles

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Long Island City, Queens (Credit: iStock)

Queens sale prices set record despite signs of trouble

239 Banker Street and, from left: Workable City's Sara Willard, Rabina Properties' Josh Rabina and Workable City's Adam Heller

Workable City, Rabina Properties pick up Greenpoint loft complex for $33M

Phara Souffrant and Assemblymember Walter Mosley (Credit: YouTube and Getty Images)

Tenant organizer challenging incumbent doesn’t think “anyone should be paying rent”

Clockwise from top left: 2-34 Beach 102nd Street in Far Rockaway, 175 Canal Street West in Mott Haven, 102 Fulton Street, and 71 Smith Street in Boerum Hill (Credit: Google Maps and StreetEasy)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties