Oak Ridge, N.J. – Jan. 6, 2021 – Lakeland Bank was pleased to provide $6,200,000 in financing to a Management Services Organization (MSO) including two commercial mortgages and two lines of credit to support working capital and capital expenditures. The independent MSO has a pain management platform and an ambulatory surgery center based in Union County, New Jersey.
“After almost two decades of being in practice, the provider saw an opportunity to increase profitability and introduce new revenue streams utilizing the MSO model. With a highly skilled team and the formation of the MSO, the organization has managed to drive improvement to the bottom line,” said Roberto Camacho, Vice President, Healthcare Banking. “The Bank provided the organization with a line of credit to support ongoing capital needs and a separate line to address capital expenditure demand as opportunities present themselves. It’s a unique structure, but invaluable to the client as certain circumstances will require the need for significant cash within a tight window of time to execute.”
Lakeland Bank’s Healthcare Banking experts are here to help by delivering customized solutions for unique challenges within the healthcare industry. Lakeland Bank’s Healthcare Banking offers comprehensive lending and treasury management solutions to organizations across the healthcare spectrum. Our experienced lenders utilize a relationship banking approach, allowing them to provide value in many different verticals to various businesses. We provide financial solutions to nonprofit organizations, hospitals, higher education, senior living facilities, private equity groups, medical office building buyers, real estate investment trusts, large medical practices, behavioral health and ambulatory/outpatient facilities.
About Lakeland Bank
Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has over $7 billion in total assets. With an extensive branch network and commercial lending centers throughout New Jersey and Highland Mills, N.Y., the Bank offers business and retail banking products and services. Business services include commercial loans and lines of credit, commercial real estate loans, loans for healthcare services, asset based lending, equipment financing, small business loans and lines, and cash management services. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions. Lakeland is proud to be recognized as a Best-In-State Bank by Forbes and Statista, rated a 5-Star Bank by Bauer Financial and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ. Visit LakelandBank.com for more information.