M&T Bank gave Engel Burman a $47.5 million loan this month for Wellbridge, an addiction treatment and research center on which the real estate firm is partnering with Northwell Health.
The facility, called Wellbridge, is estimated to cost $92 million and is under construction in Calverton.
“M&T Bank has a special expertise in lending to health care providers and we work with our clients to support the full range of treatment facilities needed in our communities,” said M&T Bank Long Island market President Jason Lipiec. “We look forward to the completion of this project and hope that Wellbridge will be a beacon of hope for people in need of these services.”
Services at Wellbridge will include detoxification, residential treatment and long-term rehabilitation, Northwell’s senior vice president and chief public relations officer, Terry Lynam, told Blank Slate Media in March.
“We have worked successfully with M&T Bank to fund some of our senior assisted-living communities in the tristate area and have built a strong relationship with them,” said Engel Burman President Jan Burman. “Their assistance with the right type of financing helped to bring this much-needed addiction treatment and research center to Long Island.”
Construction for Wellbridge began last month, said Michael McCarthy, M&T Bank vice president for commercial real estate and senior relationship manager. It is expected to be complete in late 2019.
The facility is on 95 acres of land and will include six buildings.
One of the buildings will be a research pavilion. Patients at Wellbridge will be part of a long-term study about addiction, Lynam said.
