Home Economy Economic Activity Care New England secures $215.5M loan from New York firm

Care New England secures $215.5M loan from New York firm

By

Jacquelyn Voghel

-

04/28/2026

Kent Hospital Entry — CARE NEW ENGLAND has secured $215.5 million in U.S. Housing and Urban Development. Pictured above is a rendering of a construction and renovation project planned for Kent Hospital in Warwick, which will draw from the loan. / COURTESY CARE NEW ENGLAND

PROVIDENCE – Care New England Health System has secured $215.5 million in U.S. Housing and Urban Development financing through a New York City-based firm. The health system will use the loan to fund renovations and new construction – including a new ambulatory center and enhancements to Kent Hospital in Warwick, as well as improvements to

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PROVIDENCE – Care New England Health System has secured $215.5 million in U.S. Housing and Urban Development financing through a New York City-based firm. The health system will use the loan to fund renovations and new construction – including a new ambulatory center and enhancements to Kent Hospital in Warwick, as well as improvements to Women & Infants Hospital in Providence – and to refinance existing bonds. Care New England and lending organization Greystone, a New York City-based private commercial real estate finance and investment company, announced the deal on Friday. Greystone will provide the loan through the Federal Housing Association's Section 242 Government National Mortgage Association program. The program, established in 1968 and managed by the Office of Hospital Facilities, provides acute care hospital facilities with mortgage insurance for construction, acquisition, renovation and refinancing purposes. Todd Conklin, executive vice president and chief financial officer of Care New England, said the HUD structure is an ideal fit for the health system. "In traditional markets, CNE was a sub-investment grade credit," Conklin said in a statement. "HUD insurance allowed CNE to refinance its outstanding debt and access substantial new money that would be expensive in traditional markets, but affordable with HUD insurance. "This loan will expand care in Rhode Island and improve our capital structure," Conklin continued. "We are grateful for the support of our dedicated Board, and the teams at HUD, Cornerstone and Greystone." Brett Southworth, managing director for Greystone, said in a statement that the company is "thrilled that we were able to execute a financing that will help further the growth of Care New England. "This transaction underscores Greystone’s leadership in healthcare finance and our ability to deliver innovative capital solutions in complex market environment," Southworth continued. Cornerstone Health Advisors LLC, a Providence financial planning firm, advised CNE on the transaction. Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.