CTL Capital secured a bond financing of $190mm credit tenant lease loan to a regional real estate investment and development firm secured by multiple long-term net leases to Northwell Health, Inc., a New York not-for-profit corporation. The loans were funded via private placement bonds placed by CTL Capital’s broker/dealer affiliate CTL Securities. By accessing the capital markets through lease backed private placement bond financing CTL Capital was able to provide a long term, low fixed rate loan with a 1.0x debt service coverage.
Northwell Health, Inc., formerly known as North Shore Long Island Jewish Health System, provides health services to an area encompassing approximately eight million people across Long Island, Manhattan, Queens, Staten Island, and Westchester, NY. The system’s 21 hospitals include five tertiary hospitals, seven community hospitals, three specialty care hospitals, and one affiliate hospital, for a hospital and long term care bed count of over 6,400.