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September 17, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

County approves up to $16M in bonds for Bethel Nursing Home renovations in Ossining

The Westchester County Local Development Corp. agreed today to issue between $11.8 million and $16 million in bonds to finance renovations for Bethel Nursing Home Co. in Ossining.

The nursing home at 17 Narragansett Ave. is being downsized from 73 beds to 43 in order to create a more home-like neighborhood setting.

Double bedrooms in the skilled nursing facility, for instance, will be converted to single bedrooms with “residential style” bathrooms and private showers and with new carpeting and furniture.

The roof and windows of the two-story building will be replaced, and the driveway and entry walkway will be modified. New health care equipment will be purchased.

Bethel asked the LDC to issue from $11.8 million to $16 million in bonds to pay for the improvements and financing costs.

The financing includes a mix of tax-exempt and taxable revenue bonds. Though the LDC will issue the bonds, Bethel is obligated to pay them off with nursing home revenues.

Chicago-based B.C. Ziegler and Co. will be the underwriter.

The LDC board approved the bond financing by a unanimous vote.