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Commerce Bank & LIDC Combine to Help Medical Practice Expand |
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Commerce Bank and Long Island Development Corporation recently combined to enable the expansion of the Women’s Healthcare of Suffolk Medical Practice in Hauppauge. Founded by Drs. Eliot Birnbaum and Robin Bliss, the practice focuses on OBGYN integrating holistic practices such as herbal medicine.
Dr. Birnbaum started a private practice in the Smithtown area in 1992 and expanded to Hauppauge in 2005 with an existing practitioner, Dr. Louis Cardi. Dr. Bliss practiced in Stony Brook and then joined Dr. Birnbaum in 2005, working out of Smithtown and Hauppauge. Since then, their combined practice has grown to the point where they were unable to accept new patients without expanding.
The new facility, a medical condominium, will enable the doctors to expand their practice. In addition to providing obstetrical and gynecological services, the practice’s nurse practitioners and other staff are actively engaged in related activities such as sonograms and bone density testing. The doctors employe a holistic approach, incorporating acupuncture, herbal medicine and other techniques to complement traditional medical techniques.
Six new positions have been added to the medical practice to better serve the expanded patient base. The condominium enabled the doctors to more than double their space.
Financing was provided through a first mortgage from Commerce Bank for 50% of the purchase price, renovation and soft costs. LIDC provided a second mortgage for 40% and the doctors injected just 10% into the project. The LIDC mortgage was made under the SBA 504 program- providing 20 years at a low fixed rate. |
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