In June 2005, Dr. Stuart Rauch acquired a nursing home in Paterson and set out to convert it into a state-of-the-art subacute care facility to serve residents of the local community.  Completed in February 2008, the renovations and expansion added a total of approximately 10,000 square feet to the facility, which doubled the increase in its physical capacity.  This new space has permitted the addition of 5 beds, and has also significantly enhanced the facility’s patient service capabilities.  The original building had an antiquated physical layout that included mostly three and four bedded patient rooms.  Today, no room has more than two residents and each patient has a 26” flat panel, high-definition television, a telephone with nationwide unlimited called, and a high speed Internet connection – all provided free of charge.  As a result of the expansion, Doctors Subacute Care has also increased its medical staff and 30 new jobs have been created.

“With the completion of our construction at Doctors Subacute Care, the Paterson community now has a state-of-the-art facility that is close to home.  During the period of recovery from surgery or an illness, it is important to not only have all the comforts of home, but also to have your family and friends nearby,” said Dr. Stuart Rauch, Owner and Executive Director of Doctors Subacute Care.  “We are grateful to have had such great support for this project and thank the EDA for playing such an important role in the success of our business.”

According to Dr. Rauch, the former facility on Birch Street was run-down and outdated prior to the extensive renovation and expansion project.  As a geriatric psychiatrist for twenty years, Dr. Rauch used his experience as a guide throughout the project, and committed himself to creating a facility that utilized innovative medical techniques in a patient-focused environment.  The project included the construction of a new two-story building and residential wing featuring modern in-room amenities.  Other new features include a dining/activity area with high-definition television, a kitchen area for the use of residents and visitors, state-of-the-art physical therapy areas with innovative physical therapy equipment on each floor, and the addition of a comfortable family room to accommodate resident and guest needs.  Dr. Rauch noted that the term “subacute” refers to those patients no longer requiring the “acute” care provided in a hospital, but still needing considerable medical, nursing, and rehabilitation care before being able to return home.

The project was completed with the support of the Passaic County Department of Economic Development and the combined assistance of the New Jersey Economic Development Authority (EDA) and Capital One Bank. 

Passaic County Freeholder Director Sonia Rosado stated, “We are delighted about the expansion of Doctors Subacute Care and the positive impact it will have on our local economy.  The facility will create new jobs in our area and help us to continue strengthening our county-wide economic development efforts.”

The New Jersey Urban Fund was designed to stimulate investment in the State’s urban communities by providing businesses and community development organizations with the financial and technical tools they need to grow and revitalize neighborhoods. The Fund was launched in October 2006 as an element of Governor Corzine’s Economic Growth Strategy.

To learn more about the Urban Fund and other opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

“The project supports Governor Corzine’s Economic Growth Strategy to encourage downtown redevelopment and the growth of small businesses,” said EDA Chief Executive Officer Caren S. Franzini.  “The project has helped revitalize the local business district and will ultimately lead to the creation of as many as 140 new jobs in the borough.”

The Haskell Town Centre, located in the Haskell neighborhood of Wanaque just off Route 287, features a three-story, 49,000-square-foot brick building offering retail, commercial and medical office space.  The project site along Ringwood Avenue was designated as a redevelopment area by the Borough of Wanaque and Bald Eagle Urban Renewal at Wanaque LLC was chosen as the project developer.  Bald Eagle is owned by developer Sal Falciglia Jr. and is an outgrowth of the construction company founded by his father more than half a century ago.

Current tenants include a physicians group, a speech pathologist, a physical therapist, a health club, a women’s day spa, photography and recording studios, a marketing firm, a jewelry store, a sushi bar, a convenience store, a nail salon and a dry cleaners.  Medical and professional offices occupy the second and third floors; the first floor is devoted to retail, commercial and restaurant uses.  Only about 8,000 square feet remain to be leased, Falciglia said.

The $14-million project began to take shape when Falciglia purchased eight separate unused or dilapidated buildings and parcels of land at 1051-1073 Ringwood Ave.  The old buildings were taken down and a single new building, along with ample front and side parking lots, were put in their place.  The project became more feasible when the county completed its widening and redevelopment of Ringwood Avenue a few years ago, Falciglia said.

The EDA’s $1.25-million loan was part of a funding package that also included financing from Columbia Bank, which recently was added to the EDA’s roster of Preferred Lender banks.  The EDA loan closed in May at an interest rate fixed at 3.55 percent for the first five years of a 10-year term.
 Falciglia said the idea to investigate what state funding was available came from Passaic County Director of Economic Development Deborah Hoffman and planner Kenneth Ochab. 

“Mr. Falciglia has been working closely with the Borough of Wanaque and Passaic County to redevelop the Wanaque town centre,” Hoffman said, “and low-cost financing from the EDA made the project financially feasible.”

Falciglia doesn’t regret his decision to follow through with the EDA.

“Working with the EDA was an absolute pleasure,” he said.  “You can’t beat the interest rate and everything was wrapped up quickly.  The EDA made it very easy.  It didn’t make me run through hoops to get funding.”

To learn more about EDA products and services to assist redevelopment projects, contact EDA Customer Care at CustomerCare@njeda.com or (609) 777-4898.  For more information about doing business in New Jersey, visit www.NewJerseyBusiness.gov.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and real estate development activities.

Trenton, N.J. (April 24, 2008) – Office of Public Finance Director Nancy Feldman has announced that the New Jersey Economic Development Authority priced $462.8 million School Facilities Construction Refunding Bonds, 2008 Series W, as part of the continuing process of restructuring the Authority’s outstanding auction rate bonds.

The bonds were rated A1/AA-/A+ by Moody’s, S&P, and Fitch, respectively.  The bonds were structured as fixed rate serial bonds maturing from 9/1/08 through 3/1/2019. The proceeds of the bonds will refund a portion of School Facilities Construction Bonds sub-Series H1-H4, J1-J3, M1-M6, Q3-Q8 and T2, T4 and T6.  The remainder of these sub-Series will be refunded by 2008 Series V, School Facilities Construction Refunding Bonds, which are expected to be priced on April 29th.

The remarketed bonds incurred a true interest cost of 3.96%. This compares favorably to auction rates that have been incurred on the refunded bonds which ranged from 3.1% to 10.95% since early February, when some auctions began to fail.