New Jersey bank invests $8.5M to refinance ASC

Patsy Newitt - Print  |

Oakland, N.J.-based Lakeland Bank provided $8.5 million to refinance an ASC in Bergen County, N.J., according to a July 13 release. 

The 10,000-square-foot multispecialty center provides services to four New Jersey counties. 

"Having a strong foundation of a reputable physician roster and deeply rooted referral sources was key to many centers avoiding acquisition pressure and unclogging the backlog of cases through the fall and winter," said Ron Krauskopf, Lakeland's senior vice president of healthcare lending. "We were thrilled to work with this ASC group to help improve cash flow as they worked their way through the backlog and are now nearly at their pre-pandemic levels."

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