By: Luther Turmelle
March 13, 2015
A nursing home in the city that focuses on serving those with AIDS-related illnesses will be able to expand the number of beds at the facility thanks to a $4.35 million loan from First Niagara Bank and $3 million from the state of Connecticut.
Leeway of New Haven will add 20 beds to the 40 that already exist at its Albert Street facility as a result of the loans. The money from the state and First Niagara will be used for the purchase and refurbishing of a building adjacent to Leeway’s location.
First Niagara’s share of the financing includes a $3.35 million construction loan, an $800,000 mortgage refinancing agreement and a $200,000 line of credit.
“With advancements in the treatment and care of people living with HIV/AIDS, there is a greater need for residential living options where people can live a more independent lifestyle,” Heather Aaron, executive director at Leeway, said in a statement.
First Niagara’s has a division within the bank that focuses on serving the needs of hospitals, skilled nursing facilities, senior living communities, private doctors’ offices, health centers, clinics and outpatient care facilities.
“First Niagara recognizes the growing need for lenders to have the knowhow to create financing solutions for health care providers that are specific to their individual needs,” Scott Frazer, vice president of healthcare banking at First Niagara, said in a statement.
Leeway has specialized in the care of individuals suffering from HIV/AIDS since 1995.