$500M The New York and Presbyterian Hospital Taxable Bonds, Series 2019 - Following the 2015 $750M taxable bond issue and the 2016 $850M taxable bond issue in which the Firm represented NYPH, the Firm represented NYPH in its 2019 issuance of taxable century bonds, which mature 100 years after the date of issue.
$76M Dormitory Authority of the State of New York (DASNY) Saint Mary's Hospital for Children Revenue Bonds Series 2019 - For the benefit of SMHC, to fund construction of a 97-bed patient pavilion and renovations to SMHC's facility in Queens, NY, DASNY issued $102M of tax exempt bonds in 2 traunches, one of which closed in 2010 and the other in 2011. We represented SMHC in the initial financing in 2010-2011 and again in the 2019 refinancing of the outstanding balance through a private placement of DASNY tax exempt bonds with Genesee Street Corporation, an affiliate of Manufacturer's and Traders Trust Company. The Firm also represented SMHC in connection with the refinancing of a $10M term loan from M&T Bank and M&T Bank's replacement of HSBC as the provider of a $13M revolving line of credit in 2018.
$37M United Hebrew Geriatric Center HUD 232 Interest Rate Reduction - In 2019, UHGC completed its 5th loan modification reducing the interest rate on its 2007 HUD 232 loan which funded expansion and renovation of its skilled nursing facility. Each of the IRR transactions (2013, 2014, 2015, 2016 and 2019) reduced the UHGC debt service obligation. The Firm represented UHGC in the initial and final endorsement of the 232 loan, as well as each of the IRR transactions.
$25M (Combined) Term Loan and Revolving Line of Credit from The New York and Presbyterian Hospital to The Silvercrest Center for Nursing and Rehabilitation (2019) - NYPH provided Silvercrest with funding to replace a 2017 Tax-Exempt DASNY bond issue which was privately placed with TD Bank and a TD Revolving Line of Credit. We represented Silvercrest in connection with the 2017 bond issue and revolver, and served as counsel for the 2019 transaction.
$1.167 Billion (Combined) DASNY Tax-Exempt (Series 2018A) and Taxable (Series 2018B) Montefiore Obligated Group Revenue Bonds and Montefiore Obligated Group Taxable Bonds, Series 2018C - This billion dollar financing restructured major portions of outstanding debt of Montefiore Medical Center and provided funds for general corporate purposes. Three series of bonds were issued for the benefit of Montefiore, allowing it to, among other things (i) prepay DASNY and GNMA collateralized bond issues which funded HUD-insured loans to Montefiore; (ii) prepay 6 HUD-insured loans, thereby terminating Montefiore's participation in the HUD 242 program; (iii) prepay NYC HDC Bonds issued in 1993; (iv) prepay 2005 NYC IDA bonds issued for the benefit of an affiliate, MMC Corporation; (v) prepay 3 mortgage loans from JPMorgan Chase Bank; (vi) prepay MMC Corp Taxable Revenue Bonds issued in 2005; (vii) prepay 3 loans from Bank of America; and (viii) prepay 5 DASNY Tax Exempt Lease financings. The Firm represented Montefiore in connection with the 3 series of 2018 bonds as well as all of the loan prepayments. The Firm also represented Montefiore in obtaining several of the loans which were prepaid.
Merger of Palisade Nursing Home Company, Inc. into The Hebrew Home for the Aged at Riverdale - In 2016, the Firm represented sister corporations HHAR and PNH in a merger with HHAR as the surviving entity. The merger promoted greater operational efficiencies for two entities located on the same campus in Riverdale, NY.
Albert Einstein College of Medicine - In late 2015, AECOM obtained $175M of financing from Build NYC Resource Corporation's issuance of taxable revenue bonds to fund its spin-off from Yeshiva University to a new non-profit entity controlled by YU and Montefiore Medicine Academic Health System, Inc., the corporate member of Montefiore Health System, Inc. The taxable revenue bonds were converted to tax-exempt bonds and remarketed in 2016. The Firm represented AECOM and Montefiore in the issuance of the taxable bonds and the conversion and remarketing of those bonds.