Elizabeth Seton Pediatric Care Center Phase II
Yonkers, NY
“We are utilizing union and public pension funds to invest in a care facility that will help children suffering from major health challenges. The pediatric care facility addition will enhance Elizabeth Seton’s ability to service area children.”
—Terrance Pearson,
Director, FHA Financing and Senior Investment Officer
PROJECT DESCRIPTION
This project is a $21.1 million two-story addition above the 137-bed, state-of-the-art, Elizabeth Seton Pediatric Care Center, a skilled nursing care facility financed by the HIT in 2010. It features 32 new long-term ventilator beds, tripling the number of ventilation beds previously available. The Center is located on a 6.5-acre site within the South Westchester Executive Park in Yonkers.
HIT ROLE
The HIT is providing an $18.3 million investment for this second phase of the Center by purchasing Ginnie Mae construction loan certificates and a permanent loan certificate. The loan will be insured under Section 241 of the National Housing Act. The New York Foundling Hospital Center for Pediatric, Medical and Rehabilitative Care, Inc. is the project sponsor.
SOCIAL IMPACT
By providing financing for the addition to state-of-the-art Elizabeth Seton Pediatric Center, the HIT is helping this institution carry on its vital healthcare mission of serving special-needs children in New York. The nonprofit Seton Center was established by the Sisters of Charity of New York in 1987 and today provides skilled nursing care to medically fragile children with complex medical diagnoses and disabilities from birth to age 21. The Seton Center primarily serves lower-income patients covered by Medicaid reimbursement and is one of only five stand-alone, pediatric skilled-care nursing facilities in the state of New York.
Construction of this addition to the nursing care facility for medically fragile children is expected to create approximately 105 new union construction jobs.
The expanded unit will be covered under the existing Collective Bargaining Agreement with 1199 SEIU United Healthcare Workers East, AFL-CIO.
*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT project data. The data is current as of March 31, 2020. Economic impact data is in 2019 dollars and all other figures are nominal.
This page provides information about a project or projects financed by the HIT which may or may not be reflective of other financed projects or refer to an asset currently held in the HIT’s portfolio. Investors should consider the HIT’s investment objectives, risks, charges, and expenses carefully before investing. This and other information is contained in HIT’s prospectus, available at aflcio-hit.com or by calling 202-331-8055. The prospectus should be read carefully before investing.