YONKERS, N.Y. — Berkadia Commercial Mortgage has originated $100 million in construction financing for a new pediatric hospital in Yonkers. The loan will be used to finance the new $125 million location for Elizabeth Seton Pediatric Center.
The loan carries a 5.22 percent interest rate and a 30-year term. Payments will be interest-only during the construction period and switch to a 30-year amortization schedule upon completion. The financing was originated by Bradley Grainger of Berkadia's Syracuse, N.Y., office through the HUD/FHA program. Berkadia claims that the loan is the largest HUD 232-insured loan ever closed.
The new Elizabeth Seton Pediatric Center will be built on 6.5 acres within South Westchester Executive Park. It will contain 137 beds over four stories. Its 165,000 square feet will serve as a pediatric residential nursing facility and an affiliated school that provides a full range of healthcare service to medically fragile children. Upon completion of the project, which is anticipated in 2012, the hospital will move from its current location in Manhattan's Chelsea neighborhood, where it was established in 1987 by the Sisters of Charity of New York.
— Coleman Wood