Snowpoint closes $2.8 million loan for Passaic County rehab center

Feb 15, 2021 | Education, Finance & Capital Markets

Snowpoint Capital Management recently closed a $2.8 million acquisition loan for a 36-bed rehabilitation and recovery center in Ringwood — Courtesy: Snowpoint Capital Management

By Joshua Burd

The buyer of a rehabilitation and recovery center in Passaic County has secured $2.8 million in financing, in a newly announced transaction by Snowpoint Capital Management.

The direct private lender announced recently that it closed the acquisition loan in connection with the 36-bed facility, which is located in Ringwood. The firm did not disclose the name of the borrower or the property’s address.

Snowpoint Principals Scott Vandersnow and Adam Kent lead financing efforts for the Ridgewood-based firm.

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Joshua Burd

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for 13 years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.