Citizens Bank backs Bronx senior housing acquisition

Citizens Bank has provided a $90.6 million loan for the acquisition of a group of senior housing facilities that are part of The New Jewish Home in the New York City borough of The Bronx. 

A firm operating under the name TCPRNC Real Estate, LLC used the loan to purchase elder care and assisted living centers at 100 West Kingsbridge Road, 2545 and 2553 University Avenue for $110 million, city property records show.

Citizen’s Bank was unable to comment on the financing in time for publication, but sources familiar with the regional bank noted that it is actively ramping up lending in the New York City area as it continues to see growth opportunity both in Manhattan and the outer boroughs.

In June the bank announced it had provided a $28 million construction loan to the Jonathan Rose Companies for a 11-story apartment building, the Brooklyn Cultural District Apartments project. And in February the bank provided construction financing for the development of the first phase of Lighthouse Point, a mixed-use mixed-use project on Staten Island’s St. George waterfront.

The two nursing care executives who signed off on the Bronx loan as managing members of the TCPRNC LLC are Benjamin Landa and Leopold Friedman, both of whom are tied to SentosaCare, which is reportedly the largest nursing home network in New York State. Landa is the founder of SentosaCare. And, according to a report, SentosaCare transferred its existing interest in Jewish Home’s Bronx facility to the TCPRNC LLC in September of 2015.