Andrew Samalin, Principal of Samalin Investment Counsel and Treasurer of Bethel Nursing and Rehabilitation Center of Croton-on-Hudson, is pleased to have assisted with the structuring and execution of the acquisition of Westchester Meadows (The Knolls), a continuing care retirement community, for over $28,600,000. Leading the team is Beth Goldstein, CEO and Anastasios Markopoulos, CFO of Bethel Homes, and James Holden, Chairman of the Board of Directors.
County Executive Robert P. Astorino announced Friday that $145 million in private investment in Westchester was moving forward thanks in part to key roles played by the county’s Industrial Development Agency (IDA) and Local Development Corporation (LDC). The LDC, which works with non-profits, approved $28.6 million in low-cost bond financing for Bethel, which it will use to refinance a loan and fund major interior and exterior renovations.
The LDC has approved multi-million dollar low-cost bond financing for Bethel which will finance extensive renovations on the property. This purchase has myriad positive effects for the county in terms of job retention and creation as well as the continuation of valuable social service supports for seniors and those in need.
We are partnering with The Knolls residents to ensure they receive the quality lifestyle they have envisioned for themselves,” says Beth Goldstein, Bethel’s Chief Executive Officer.
“This landmark acquisition is a historic leap forward for Bethel, its executive team, team members, and clientele, and extends the offering and reach of Bethel’s award-winning Continuum of Care services”, said Samalin.
“We will rebuild The Knolls’ financial foundation, so that residents can feel confident in our ability to provide an exceptional senior living experience,” says Anastasios Markopoulos, Bethel’s Chief Financial Officer.