IDB Bank, a New York-based private and commercial bank, has served as the administrative agent to a $201.5 million bridge-to-HUD loan to benefit a national portfolio of 21 skilled nursing facilities, with locations in North Carolina, Michigan, Georgia and Texas. The recent financing activity signals both the bank’s robust financing capabilities and strengthening presence across high-opportunity domestic markets.
“As an active lender in the healthcare space, we continue to leverage our unique market position and customized financing solutions to execute for our clients,” Michael Palermo, national head of healthcare and not-for-profit lending of IDB Bank, said. “Serving as administrative agent on the successful syndication of this transaction further demonstrates the bank’s capabilities as we continue to grow our healthcare platform.”
Under Palermo’s leadership, the deal was additionally executed by John Bertolozzi, senior vice president of commercial loan syndications and Thierry Decembre, senior relationship manager of healthcare at IDB Bank.
As administrative agent, IDB will hold $100 million of the debt.
