Oak Ridge, N.J. – Dec. 10, 2020 – Lakeland Bank was pleased to provide a $10,100,000 commercial mortgage to two Assisted Living and Memory Care Facilities based in upstate New York.
“While COVID has caused downward pressure on occupancy in the region and across the country, there is still a segment of our population that needs to be cared for,” said Ron Krauskopf, Senior Vice President, Healthcare Banking. “We were pleased to be able to work with such an experienced Medicare Waiver program operator. After some initial challenges, he’s been able to drive occupancy back to pre-COVID levels while keeping residents safe. Aside from the quality of the asset, we really look at the operator’s ability to not only handle the higher acuity at such a facility, but also effectively manage the variable expenses to stay profitable.”
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.