BK nursing home gets $80M construction loan for renovation
Centers Health Care just scored an $80 million construction loan for its conversion of an abandoned Crown Heights hospital into a nursing home.
M&T Bank provided the financing, which was consolidated with a previous $15 million mortgage, totals $80 million, records filed with the city’s Department of Finance show. The Bronx-based health care company is in the process of renovating 170 Buffalo Avenue, a vacant hospital bounded by Prospect Place, Rochester Avenue, St. Marks Avenue and Buffalo Avenue. Centers purchased the hospital in 2014 for $19.5 million.
Brownstoner reported in 2015 that Centers planned to convert the former St. Mary’s Hospital into a 280-bed nursing home. The company filed an application with the Department of City Planning to maintain the eight-story building’s configuration and to change its use. However, Centers withdrew its application in April 2016.
The status of the project wasn’t immediately clear. The Department of Buildings’ website indicates that permits were approved for renovation work in May 2017.
A spokesperson for Centers Health Care declined to comment on Monday.