Eastern Union handles $30 million loan for two hospital buildings

Catholic Healthcare East, a firm that operates 33 hospitals, has purchased two hospitals containing 363,000 s/f. The state, considering one of the hospitals essential, agreed to lend $252 million, which was raised through state issued bonds. Shaya Ackerman managing director of Eastern Union's N.J. office arranged a $30 million loan, a loan to cost non-recourse loan. The new owners plan to turn vacant space into medical office units.