Oak Ridge, N.J. – October 23, 2020 – Lakeland Bank was pleased to provide a $6,500,000 commercial mortgage to an Assisted Living Facility (ALP) based in Queens, New York.
“The COVID-19 pandemic challenged the healthcare delivery system in ways previously unimaginable, but with our unwavering commitment to the healthcare community, we were able to provide guidance, expertise and capital,” said Ron Krauskopf, Senior Vice President, Healthcare Banking. “As a relationship-based institution, we were proud to partner with those in the healthcare industry every step of the way during these unprecedented times.”
With the funds of this expansion loan, the operator will be able to increase revenue streams by introducing new lines of business into the operation. “As an experienced business owner, our client was able to identify components of his operation that were previously outsourced and suitable to bring in-house,” said Krauskopf. “This forward-looking entrepreneur with an attention to detail has the business acumen necessary to succeed in the hyper-competitive New York market.”
Lakeland Bank’s Healthcare Banking experts are here to help by providing 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 our experts to provide value in many different verticals to various businesses. We provide financial solutions to nonprofit organizations, hospitals and higher education, senior living facilities, private equity groups, medical office building buyers and 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.