Grainger of Berkadia Commercial originates $100 million construction loan

Berkadia Commercial Mortgage has originated $100 million in fixed-rate financing through its HUD/FHA program for the construction of the new $125 million Elizabeth Seton Pediatric Center. The interest rate on the loan is 5.22%, and the 30-year term and 30-year amortization will commence upon the completion of construction. Payments on the loan are interest-only during the construction period. The four-story, 137-bed pediatric residential nursing facility and affiliated school will be constructed on a 6.5-acre site in South Westchester Executive Park. The general contractor is Andron Corp. The architect is Perkins Eastman Architects PC. The 2012 expiration of the lease on its current location spurred the center's decision to move from Manhattan's Chelsea neighborhood, where it was established in 1987 by their sponsor, the Sisters of Charity of New York. The 165,000 s/f center, scheduled to open in 2012, will house medical, nursing, rehabilitative, palliative care, educational and home-care services for medically fragile children from birth through age 21. Senior VP and branch manager Bradley Grainger of Berkadia's Syracuse office originated the loan. The borrower was the Elizabeth Seton Pediatric Center. "Nursing centers that provide this type of pediatric medical care and educational services are rare," said Grainger, a specialist in healthcare property finance. "The size of the transaction and the complex nature of the facility itself made for some challenges, but we had complete confidence in the borrower." "The new Pediatric Center will be a very special home that provides an extraordinary level of care for each of our 137 children as well as for their families and those who care for the children every day," said CEO Patricia Tursi. "We are grateful to every member of the project team who worked so diligently to put children at the heart of every decision."