Joel Leifer of Excelsior Care signs $120M refi with Monticelloam for nursing home in Throgs Neck

Joel Leifer of Excelsior Care Group through the entity Throgs Neck Realty Group LLC as borrower signed a refi loan with lender Monticelloam through the entity Monticelloam Funding, LLC Series Sh-86 valued at up to $217 million for the Throgs Neck Rehabilitation & Nursing Center specialty building (I6) at 707 Throgs Neck Expressway in Throgs Neck, Bronx.
The deal closed on June 26, 2025 and was recorded on July 25, 2025. The prior lender was Monticelloam which held debt that had an original loan amount of $70 million. The property has 83,146 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,443 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 28, 2021, for $19.8 million. The signatory for Excelsior Care Group was Joel Leifer . The signatory for Monticelloam was Thomas Lally. Monticelloam has issued $120 million, but this filing includes a document that says the maximum is $217 million with a maturity date of June 26, 2028.

The property

The specialty building in Throgs Neck has 83,146 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 348 feet and is 100 feet deep with a total lot size of 41,000 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $10.8 million. The most recent loan totaled $70 million and was provided by Greystone & Co. on December 30, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Throgs Neck, The bulk, or 36 percent of the 5.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 29 percent of the space. In sales, Throgs Neck has the 31st highest sale turnover among other neighborhoods in Bronx with $37.7 million in sales volume in the last two years. For development, Throgs Neck has had very little major development activity relative to other neighborhoods.It had 26,676 square feet of commercial and multi-family construction under development in the last two years, which represents 0.50 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 83,146 square feet of the 99,641 square feet. The identified owner is Excelsior Care Group.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 99,641 square feet of built space are specialty buildings, with retail buildings next occupying 17 percent of the space.

The borrower

The PincusCo database currently indicates that Excelsior Care Group owned at least one commercial property in New York City with 83,146 square feet and a city-determined market value of $10 million. (Market value is typically about 50% of actual value.) The portfolio has $217 million in debt, borrowed from Monticelloam. The portfolio consists of at least a single specialty property. It is located in Bronx.

Direct link to Acris document. link