I need your help locating a lender for a hard-asset/bridge loan I’ve been working on. I’ve already approached a few lenders, but I want to broaden the search. Below is the quick overview and some important background.
845 Main Road, Irving, NY 14081 – Medical / Behavioral Health Campus
Loan Request: $14,000,000 – 1st lien
Desired Term: Ideally 24–36 months; borrower expects an 18–24 month exit
Property: 172,381 SF former hospital/medical campus on 30+ acres
Current Owner: Main Rd Med Group LLC
Use: Conversion/redevelopment into behavioral healthcare facility
Tenant: New York Medical Center
Lease: 20-year NNN lease with extension options
Contract Rent: $266,000/month / $3.192MM annually
Exit: Permanent financing through M&T Bank; anticipated takeout approximately $20–25MM once the project is completed/stabilized
Current Use of Proceeds
Pay off approximately $3MM BidCo first mortgage
Tenant improvements
Site preparation
Soft costs and remaining redevelopment expenses
Valuation / Acquisition History
The borrower acquired the property from Brooks-TLC Hospital System in April 2025 for approximately $2.05MM. The low acquisition price needs some explanation because this was a vacant, deed-restricted former hospital with no operating tenant or lease and substantial redevelopment requirements.
After acquisition, the sponsor repositioned the property and secured the new 20-year NNN lease.
JLL subsequently appraised the property in May 2026 at approximately $18.7MM as-is leased-fee, with the sales comparison approach at approximately $18.9MM. JLL specifically addressed the substantial increase from the acquisition price and attributed it primarily to the new lease rather than ordinary property appreciation.
The borrower believes current value is now approximately $30–32MM as redevelopment has continued. I would prefer to present the deal based on the documented JLL value until we have an updated appraisal. At $18.7MM, the $14MM request is approximately 75% LTV; at a $30–32MM current/stabilized value, it is approximately 44–47% LTV.
Sponsor / Improvements
There has been significant investment since acquisition. JLL documented more than $1.5MM of infrastructure improvements, including roof, air handlers, plumbing, kitchen, ceilings and interior work. The sponsor also has the original acquisition equity plus carrying costs, taxes, debt service and professional expenses invested.
The approximately $3MM BidCo loan was used to retire the original seller financing when it ballooned. BidCo's maximum loan size is approximately $3MM, which is why they cannot provide the larger redevelopment facility now needed.
The Certificate of Occupancy was obtained after the initial rehabilitation work was completed.
Credit / Financial Strength
This is primarily an investment-property/hard-asset transaction. I expect the sponsor's FICO to be strong and believe there is additional sponsor income/net worth available if needed. I can obtain tax returns, proof of rental income, liquidity/net-worth documentation and other sponsor financials if they materially help the lender structure.
I have the JLL appraisal, sponsor bio, BidCo valuation/risk information, BidCo proposal, Certificate of Occupancy, lease information and supporting property documentation.
The key is finding a lender comfortable with the acquisition-price/value increase, healthcare/behavioral-health use, redevelopment component, and approximately $14MM loan size, with enough term to get the project through completion and into the M&T permanent takeout.
If you find lenders that look like a fit, send them my way and I can provide whatever they need for an initial review.
