Lakeland Bancorp : Bank Provides $4,000,000 in Financing to a Behavioral Health and Substance Abuse Facility in New York - January 6, 2022
January 06, 2022 at 11:18 am
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Oak Ridge, N.J. - January 6, 2022 - Lakeland Bank was pleased to provide a $3,000,000 commercial mortgage and $1,000,000 line of credit to a Behavioral Health and Substance Abuse Facility in New York City.
"Covid-19 has created increased public attention on long-term care facilities, but equally noteworthy is the impact it has had on behavioral health and substance abuse," said Roberto Camacho, Vice President of Healthcare Lending. "According to CDC's National Center for Health Statistics, there was an estimated 100,000+ overdose deaths in the U.S. from April 2020 to April 2021 - a 28.5% increase from the prior year and an all-time high. There is no argument that this segment of healthcare remains grossly underserved."
"Given the limited number of OTP-1 Licenses in the State of New York, we were fortunate and honored to be given the opportunity to provide financing to a key stakeholder in New York City's efforts the major public health crisis of drug addiction," said Camacho. This organization has helped tens of thousands of people through their treatment programs and community engagement efforts, and we look forward to a long-term relationship with this impressive organization."
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.
Ron Krauskopf
Senior Vice President, Healthcare Lending
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Roberto Camacho
Vice President, Healthcare Lending
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About Lakeland Bank
Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has over $8.1 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 New Jersey's #1 Best-In-State Bank by Forbes and Statista, named a Best Bank To Work For by American Banker and Best Companies Group, 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 06 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 January 2022 16:17:00 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.