Ellis Medicine FHA Refinancing

Overview

Deal Type Agency Lending
Size $55,133,600
Client & Transactional Partners Ellis Medicine FHA Refinancing
Our Role FHA

Summary

Zach Kau | Maura Davalos

In January 2022, Cain Brothers served as the FHA Mortgage Lender on the $47,342,500 and $7,791,100 FHA 242 / 223(a)(7) refinancings for Ellis Medicine. The FHA 242 223(a)(7) program allowed Ellis to lower their existing interest rate while maintaining the final maturity of the loans. The financing significantly lowered Ellis’s cost of capital, resulting in a total of $4.8 million in present value savings for the two refundings. The original use of proceeds for the 2012 loan was to renovate its existing ED space and expand the capacity of the ED with new space. The original use of proceeds for the 2014 loan was for a renovation project as well. The construction was a 45,000 sqft, 2 story plus basement addition to the Hospital’s existing acute care hospital. The addition included a 36-bed intensive care unit, storage area, a visitor entry. Ellis has been in the FHA program since 2004 and continues to have FHA as a partner for any further capital needs.

Ellis Medicine, with its main campus located in Schenectady, NY, is a 438-bed community and teaching healthcare system serving New York’s Capital Region. Ellis consists of four campuses – Ellis Hospital, Ellis Health Center, Bellevue Woman’s Center and Medical Center of Clifton Park – five additional service locations, with more than 3,300 employees and over 700 members in its’ medical staff. Ellis offers an extensive array of inpatient and outpatient services – including cardiac, cancer, emergency, neuroscience and women’s services. For over 125 years, Ellis has continued to grow to meet the health needs of its community.

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