Simone Development Companies and Fareri Associates joined with Burke Rehabilitation at Purchase Professional Park for the ribbon cutting of its expanded Purchase/Fairfield Outpatient Therapy Site at 3020 Westchester Ave. in Purchase, NY. Elected, business and clinical leaders from across Westchester and Fairfield counties gathered to tour the facility.

Nationally recognized Burke signed a long-term lease for an additional 2,330 square feet at Purchase Professional Park, expanding its medical footprint to 5,132 square feet. Burke’s Purchase/Fairfield Outpatient Therapy Site provides services including vestibular therapy, sports medicine and rehabilitation, concussion management, orthopedic medicine and rehabilitation, and physical therapy.

“Burke Rehabilitation’s expansion at Purchase Professional Park is a testament to their commitment to providing exceptional healthcare and a powerful reminder of the vitality and innovation that defines this corridor,” said Joe Simone, president of Simone Development.

Added Scott Edelman, executive director of Burke Rehabilitation, “This facility not only enhances our ability to provide personalized, patient-centered care, but also reaffirms our commitment to the communities we serve.”

CROSS Development and Kennor Holdings obtained a $38 million construction loan along with PACE financing for a rehabilitation hospital in Bradenton, Florida. The project will be managed by Nobis Rehabilitation Partners, which currently manages 14 hospitals nationwide, with another eight in the construction pipeline. This will be the fourth project in Florida that Nobis is managing with the other three hospitals located in Jacksonville, Orlando, and Tampa. The Bradenton development represents the fourth Nobis Rehabilitation Hospital to be built by the co-development team.

Marcus & Millichap Capital Corporation arranged the financing led by Dallas-based Senior Director Kevan McCormack. The 60% loan-to-cost bank loan was structured at SOFR + 400, floating for two years, followed by a three-year mini-perm at SPFR + 340 fixed. The 20% loan-to-cost PACE financing was structured at an 8.77% fixed rate with a 30-year amortization and three years of interest only. A Property Assessed Clean Energy (PACE) loan is a type of financing available to make energy efficiency upgrades and renewable energy improvements.