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

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

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

2790 West 5th Street in Coney Island (Credit: Google Maps)

Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

185 S. Fourth St. and Largo co-founder Nicholas Werner (Credit: Google Maps)

Largo buys another Williamsburg rental building for $32M

Hiram Monserrate (Credit: Getty Images, iStock)

Ex-con’s campaign funded by real estate principal sued for fraud

Renderings of 2300 Cropsey Avenue in Brooklyn (Credit: W&L Group)

An eyesore for ages, Gravesend project site gets $71M refi

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years