Lakeland Bancorp : Bank Provides $20,700,000 Loan for the Construction of an Assisted Living and Memory Care Facility in New Jersey - May 4, 2021
May 04, 2021 at 09:35 am EDT
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Oak Ridge, N.J. - May 4, 2021 - Lakeland Bank was pleased to provide a $20,700,000 loan for the construction of an Assisted Living and Memory Care facility in Marlton, New Jersey.
'It's always exciting for us to work with an existing client and this group in particular has a niche that we deeply admire. This is the third comparable facility we partnered with on a construction loan. The opportunity to work with the client from the pre-work of a feasibility study to selecting top-tier developers made the project very appealing to finance,' said Ron Krauskopf, Senior Vice President of Healthcare Lending. 'These operators have a distinguished product in the market and have demonstrated the ability to weather the unpredictability of a construction project and the subsequent ramp-up of a private pay facility. We were thrilled to be considered once again to be a capital partner for this group.'
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 $7.7 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.
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Lakeland Bancorp Inc. published this content on 04 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2021 13:34:07 UTC.
Lakeland Bancorp, Inc. is a bank holding company for Lakeland Bank (the Bank). The Bank offers a suite of financial products and services for businesses and consumers. The Company offers a range of lending, depository, and related financial services to individuals and small to medium sized businesses located primarily in northern and central New Jersey, the Hudson Valley region in New York and surrounding areas. The Bank provides services in three categories: commercial bank services, consumer banking and other services. The Bank offers a range of lending services include commercial real estate loans, commercial and industrial loans, short- and medium-term loans, letters of credit, and others. Its consumer banking services include checking accounts, savings accounts, money market accounts, certificates of deposit, online banking and other. In addition, the Bank provides commercial title insurance services and life insurance products. The Bank operates approximately 68 branch offices.