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ABC News
3 days ago
- Health
- ABC News
Thousands on NSW elective surgery waitlists longer than recommended, data shows
Elective surgery waitlists in New South Wales have blown out, with a major increase in the number of overdue operations. The Bureau of Health Information (BHI) released its latest quarterly report for January-March 2025 which revealed 8,587 people waited longer for their surgery than clinically recommended. That is a rise of 151.3 per cent, or 5,170 patients, compared with the same period in 2024. "[That's] quite a substantial increase from the same time a year ago," BHI senior director Hilary Rowell said. Some of the patients who faced delays had been referred for the most urgent surgery, classified as category one, which is meant to be completed within 30 days. "There were five patients in the urgent category who were overdue for their surgery," Ms Rowell said. The report also revealed 3,464 people waited longer than recommended for their semi-urgent surgery which is meant to be completed within 90 days. Among those who were ready to undergo non-urgent operations — due to be done within one year — 5,118 were overdue for their surgery. The majority of NSW's local health districts (LHDs) reported an increase in the number of surgical patients waiting longer than clinically recommended. South Eastern Sydney LHD recorded the highest rise, with 1,657 people facing delays — an increase of 1,338 on the same period in 2024. Western Sydney LHD reported an increase of 1,023 — resulting in 1,350 people waiting longer than they should. Sydney Children's Hospital Network had 253 overdue surgeries, which is a rise of 164. The Hunter New England LHD experienced the biggest hike amongst regional LHDs, with 1,249 waiting longer than they should — an increase of 720. Nepean Blue Mountains LHD was the only health service which saw a decrease. There were 188 people waiting for their overdue operations at the end of the quarter — a decline of 230 from 418 in the January-March quarter of 2024. The report came after surgeons at Orange Health Service (OHS) revealed they had been asked to reduce the urgency category of cancer operations so they do not breach waitlist targets. The Western NSW LHD rejected the claims. The latest figures show 38 people waited longer at OHS than they should during the latest quarter which is an increase of 38 on the same period last year. The BHI report showed that almost 53,000 surgeries were performed during the quarter, up 3.6 per cent. Despite this increase, there were 100,678 people still on the waitlist at the end of the quarter — a rise of 7.3 per cent. This is just below the record peak of 101,024 reported during the COVID pandemic. "We saw the list gradually decrease down to the end of 2023 and then we've seen it gradually ticking up since then," Ms Rowell said. Australian Medical Association NSW vice president Fred Betros said extra resources were added to clear the backlog of patients waiting longer than the maximum time clinically recommended after the pandemic, including sending patients to the private sector. The number of patients waiting longer than clinically recommended fell to 1,857 patients in the second quarter of last year. "The problem is our increased commitment of resources is being exceeded by the rate of growth," he said. Dr Betros said many specialists are working in the private sector where they can earn more money. "One of the perpetual problems we have right now in the public sector is certainly for elective surgery, is lack of anaesthetists who are willing to work in the public sector," he said. NSW Health Minister Ryan Park said the government was investing $23 million to reduce overdue surgeries as part of the 2025-26 budget. The funding would go to engaging more staff, purchasing more consumables, expanding weekend theatre rostering and engaging private providers. He said he expects this investment — combined with $186.4 million for hospital capacity announced in December — will begin to "bear fruit over the next quarter". However, the minister pointed to challenges that contributed to the increase, including ex-Tropical Cyclone Alfred that disrupted services in northern NSW and the Mid North Coast alongside a rise in chronic illness, longer life expectancy as well as workforce availability challenges. "We made significant progress in reducing the overdue surgeries that we inherited, down from 14,000. But we know there's always more that we can do to improve the accessibility of planned surgeries," Mr Park said. "The health system is always going to be under pressure, particularly with elective surgery. We have got it down low, we're seeing a creep up now." He previously established a Surgical Care Taskforce to improve the delivery of surgical services and reduce elective waitlists. When it first met in May 2023, Mr Park said he wanted it to "look at measures to reduce the backlog of elective surgeries". The BHI's latest report also presents data on attendances to public hospital emergency departments (ED). Between January and March there were 785,266 people who went to an ED, which is a decline of 3.1 per cent on the same period last year. The BHI said fewer patients with non-urgent conditions were presenting to emergency. "Within that we did see that EDs are continuing to see a reduction in patients with the less urgent clinical conditions, so those are the moderate triage category four patients, down 6 per cent, and the non-urgent triage category five patients which were down 12 per cent," Ms Rowell said.
Yahoo
08-05-2025
- Health
- Yahoo
Lucet Wins 'Best Overall Mental Health Solution' Designation in 2025 MedTech Breakthrough Awards Program
International Annual Awards Program Honors Lucet's Navigate & Connect Solution for Mental Health Innovation LOS ANGELES, May 08, 2025 (GLOBE NEWSWIRE) -- MedTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global digital health and medical technology market, today announced that Lucet, a leading behavioral health ecosystem for health plans, providers and members, has been selected as the winner of the 'Best Overall Mental Health Solution' award in the 9th annual MedTech Breakthrough Awards program. The 2025 MedTech Breakthrough accolade was awarded in recognition of the breakthrough innovation represented in Lucet's Navigate & Connect solution, which combines a cross-disciplinary team of compassionate care navigators and clinical case managers with an advanced technology platform to break down systemic accessibility barriers to behavioral health resources. The end-to-end solution connects members to high-quality behavioral healthcare across the entire acuity spectrum and includes a large network of providers, ensuring real clinical availability and rapid appointment scheduling so that members receive the timely treatment they deserve. A breakthrough advantage to Lucet's platform is its ability to reliably reduce appointment wait times from an average of over 45 days to just 5.2 days, with some members connecting to care within 24 hours, demonstrating the ability to optimize provider matching and workflows. Navigate & Connect makes this possible using direct scheduling technology to get members to care faster, then helps providers monitor and measure their progress longitudinally. This innovation is accomplished through the company's proprietary Behavioral Health Index (BHI®), a comprehensive, clinically validated assessment tool that enables providers and health plans to take a holistic approach to care delivery. Lucet's approach improves outcomes and decreases the total cost of care generated for members. A recent Lucet study showed that 81% of members who booked an initial appointment through the platform had a second claims-confirmed appointment, demonstrating the solution's ability to ensure real-time access and a strong therapeutic alliance. In addition, appointments booked via Navigate & Connect have lower total medical expenses in comparison to members self-navigating to services on their own, with the study showing a $227 per member per month reduction in total medical expenses over a 12-month period, resulting in an impressive $8 million in annual cost avoidance for connected members. Hospital admissions were reduced by nearly 19% among Lucet-matched members in comparison to the over 6% increase in admissions among those who navigated to care independently. 'We purpose-built Navigate & Connect to address critical behavioral health challenges head on and ensure members receive timely treatment with a goal of optimizing access to mental health care for all while significantly impacting outcomes,' said Shana Hoffman, CEO of Lucet. 'Thank you to MedTech Breakthrough for recognizing the true potential of our tech-enabled solution, which was built upon 20+ years of clinical research to empower payers to optimize behavioral healthcare and access for their members.' The MedTech Breakthrough Awards program celebrates excellence and innovation in the health and medical technology industry, recognizing the companies, products and solutions driving meaningful progress and improving patient care. Spanning a wide range of categories—including Telehealth, Clinical Administration, Patient Engagement, Electronic Health Records, Virtual Care, Medical Devices, Medical Data and Privacy, and beyond—the awards highlight the groundbreaking work that is transforming the healthcare landscape. This year's program saw a record-breaking number of nominations from leading companies and startups across more than 18 countries, showcasing the global impact and momentum of the digital healthcare industry today. 'By combining the power of people, technology and data, Lucet is truly disrupting the way behavioral health resources are accessed,' said Steve Johansson, managing director, MedTech Breakthrough. 'Lucet's Navigate & Connect is a proven solution that leverages a combination of technology and a member-centric approach to connect individuals to available high-quality behavioral healthcare resources when they need it and with measurable success. We're thrilled to award Lucet with this 'Best Overall Mental Health Solution' recognition!'' About MedTech BreakthroughPart of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the MedTech Breakthrough Awards program is devoted to honoring excellence and innovation in medical & health technology companies, products, services and people. The MedTech Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough healthcare and medical companies and products in categories that include Patient Experience & Engagement, Health & Fitness, Medical Devices, Clinical Administration, Connected Healthcare, Medical Data, Healthcare Cybersecurity and more. For more information visit Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose. About LucetLucet is the only end-to-end solution enabling member connection to care across the entire acuity spectrum and supporting patient-provider matching— improving access through quality, speed and outcomes. Our unique combination of people, clinical expertise and technology is changing how health plans manage their networks, providers manage care pathways, and members manage their health. Powered by more than 15 million assessments and more than 20 years of data, Lucet is proven to successfully identify and connect people across the entire acuity spectrum with the right care in less than five days on average, and often as little as one day. Lucet is headquartered in Overland Park, Kansas. For more information, visit CONTACT: Media Contact Steve Johansson steve@ 213.255.3658Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-04-2025
- Business
- Yahoo
April 2025 Global Stocks Estimated To Be Trading Below Fair Value
As global markets navigate a landscape marked by easing trade tensions and mixed economic signals, investors are keenly observing opportunities for value amid the volatility. With U.S. equities showing resilience and European indices buoyed by diplomatic overtures, identifying stocks that may be trading below their intrinsic value can offer a strategic advantage in this environment. Name Current Price Fair Value (Est) Discount (Est) Andritz (WBAG:ANDR) €57.05 €112.70 49.4% BYD Electronic (International) (SEHK:285) HK$31.80 HK$63.03 49.5% TF Bank (OM:TFBANK) SEK347.00 SEK682.14 49.1% Jerónimo Martins SGPS (ENXTLS:JMT) €21.20 €42.13 49.7% Etteplan Oyj (HLSE:ETTE) €11.55 €22.87 49.5% Sustained Infrastructure Holding (SASE:2190) SAR29.90 SAR59.55 49.8% Komplett (OB:KOMPL) NOK11.15 NOK22.14 49.6% Beijing Zhong Ke San Huan High-Tech (SZSE:000970) CN¥10.54 CN¥20.79 49.3% Wenzhou Yihua Connector (SZSE:002897) CN¥39.50 CN¥77.68 49.2% Longino & Cardenal (BIT:LON) €1.35 €2.67 49.4% Click here to see the full list of 462 stocks from our Undervalued Global Stocks Based On Cash Flows screener. Here we highlight a subset of our preferred stocks from the screener. Overview: BHI Co., Ltd. develops, manufactures, and supplies power plant equipment globally, with a market cap of ₩792.12 billion. Operations: The company's revenue primarily comes from its Machinery & Industrial Equipment segment, totaling ₩404.74 billion. Estimated Discount To Fair Value: 14.0% BHI Co., Ltd. is trading at ₩28,800, 14% below its estimated fair value of ₩33,496.46. Despite recent volatility in its share price and interest payments not being well covered by earnings, the company has demonstrated strong financial performance with net income rising to ₩19.60 billion from ₩7.51 billion year-over-year. Earnings are projected to grow significantly above market rates at 31.9% annually over the next three years, supported by robust revenue growth forecasts of 21.4%. Insights from our recent growth report point to a promising forecast for BHI's business outlook. Get an in-depth perspective on BHI's balance sheet by reading our health report here. Overview: Hyosung Heavy Industries Corporation manufactures and sells heavy electrical equipment both in South Korea and internationally, with a market cap of ₩4.51 trillion. Operations: Hyosung Heavy Industries generates revenue primarily from its Heavy Industry segment at ₩3.80 trillion and Construction segment at ₩1.77 trillion. Estimated Discount To Fair Value: 43.6% Hyosung Heavy Industries is trading at ₩517,000, significantly below its estimated fair value of ₩916,806.68. Despite recent share price volatility, the company's earnings are forecast to grow 28.83% annually, outpacing the market's 21.5% growth rate and indicating strong potential for cash flow-driven undervaluation. Revenue growth is expected at 9.5% per year, surpassing the KR market's average of 7.8%, although return on equity remains modestly low at a forecasted 18.7%. The analysis detailed in our Hyosung Heavy Industries growth report hints at robust future financial performance. Delve into the full analysis health report here for a deeper understanding of Hyosung Heavy Industries. Overview: Broadex Technologies Co., Ltd. is engaged in the research, development, production, and sale of integrated optoelectronic devices for optical communications both in China and internationally, with a market cap of CN¥10.65 billion. Operations: The company's revenue segments include CN¥669.68 million from the Telecom Market and CN¥1.07 billion from Data communications, consumer and industrial interconnection. Estimated Discount To Fair Value: 45.8% Broadex Technologies is trading at CN¥44.5, which is significantly below its fair value estimate of CN¥82.14, highlighting its potential undervaluation based on cash flows. Despite a recent decline in net income to CN¥72.07 million from the previous year's CN¥81.47 million, earnings are projected to grow 42.4% annually, outpacing the market's 23.8% growth rate and supporting future cash flow improvements despite historically high share price volatility and modest return on equity forecasts of 14.2%. Our expertly prepared growth report on Broadex Technologies implies its future financial outlook may be stronger than recent results. Unlock comprehensive insights into our analysis of Broadex Technologies stock in this financial health report. Reveal the 462 hidden gems among our Undervalued Global Stocks Based On Cash Flows screener with a single click here. Invested in any of these stocks? Simplify your portfolio management with Simply Wall St and stay ahead with our alerts for any critical updates on your stocks. Maximize your investment potential with Simply Wall St, the comprehensive app that offers global market insights for free. Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include KOSDAQ:A083650 KOSE:A298040 and SZSE:300548. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Sign in to access your portfolio
Yahoo
28-04-2025
- Business
- Yahoo
Burnham Holdings, Inc. Announces First Quarter 2025 Financial Results
LANCASTER, Pa., April 28, 2025 /PRNewswire/ -- Burnham Holdings, Inc. (OTC-Pink: BURCA) ("BHI", the "Company", "we" or "our") today reported its consolidated financial results for the quarter ended March 30, 2025. Net sales were $64.8 million for the first quarter of 2025, an increase of $8.8 million, or 15.8%, versus the first quarter of 2024. Gross profit margin was 25.4% and 24.9% for the first quarters of 2025 and 2024, respectively. Operating efficiencies in the Commercial businesses were offset by product mix and temporary inefficiencies at certain of our vertically integrated manufacturing facilities. Selling, general, and administrative expenses (SG&A) were flat versus the prior year. SG&A as a percentage of sales in the first quarter of 2025 was 18.4% compared to 17.9% for the first quarter of 2024. Although higher on a percentage basis quarter over quarter, SG&A spend for 2025 was in line with expectations of planned initiative spending. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) was $6.0 million, or 9.3% of net sales, for the first quarter of 2025 versus $5.6 million, or 9.9% of net sales, for the first quarter of 2024. Net income for the first quarter of 2025 was $3.4 million compared to $3.0 million in the first quarter of 2024. Diluted earnings per share were $0.72 and $0.64 for the first quarters of 2025 and 2024, respectively. For the first quarter of 2025, net sales of residential products were higher by 20.1% versus 2024, and net sales of commercial products were up 2.6% versus 2024. Net sales of Service and Rentals businesses were up 40.1% for the first quarter of 2025 versus the first quarter of 2024. Overall, we continue to believe order flow and our current backlogs are in line with seasonal operating patterns and 2025 is expected to follow the same manner. Average debt levels of the Company's revolving credit facility for the first quarter of 2025 were approximately $3.3 million lower than the first quarter of 2024. On an absolute basis, total debt was down $8.2 million for the first quarter of 2025 versus the first quarter of 2024. Through rigorous discipline, we are focused on reducing working capital needs in an effort to operate on a leaner basis. These efforts have led to $8.1 million lower year-over-year inventories which has a direct correlation to debt, as well as improving operating cash flow. We continue to evaluate our working capital needs, including inventory levels, to ensure we can appropriately meet production volumes and fund future growth initiatives. Earlier this month, we announced the winddown of production efforts at Crown Boiler in Philadelphia, PA. This strategic decision is expected to drive manufacturing efficiency, improve production flexibility, and support the Company's long-term growth objectives. Burnham Holdings, Inc.'s 2025 Annual Meeting of Shareholders is being held today virtually via a secure website meeting platform at 11:30 a.m. Eastern Time. A press release regarding today's shareholder voting and the Board of Directors determination regarding declaration of a quarterly dividend will be released later this afternoon. About Burnham Holdings, Inc.: BHI is the parent company of multiple subsidiaries that are leading domestic manufacturers of boilers, furnaces and related HVAC products and accessories for residential, commercial, and industrial applications. BHI is listed on the OTC Exchange under the ticker symbol "BURCA". For more information, please visit Safe Harbor Statement: This Press Release contains forward-looking statements. Other reports, letters, press releases and investor presentations distributed or made available by the Company may also contain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates, and projections, and you should therefore not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, variations in weather, changes in the regulatory environment, litigation, customer preferences, general economic conditions, technology, product performance, raw material costs, and increased competition. Non-GAAP Financial Information: This press release may contain certain non-GAAP financial measures, including, but not limited to, adjusted SG&A, EBITDA, Adjusted EBITDA, Adjusted Net Income and adjusted diluted earnings per share. These non-GAAP financial measures do not provide investors with an accurate measure of, and should not be used as a substitute for, the comparable financial measures as determined in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company believes these non-GAAP financial measures, when read in conjunction with the comparable GAAP financial measures, give investors a useful tool to assess and understand the Company's overall financial performance, because they exclude items of income or expense that the Company believes are not reflective of its ongoing operating performance, allowing for a better period-to-period comparison of operations of the Company. The Company acknowledges that there are many items that impact a company's reported results, and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. Burnham Holdings, Inc. Consolidated Statements of Income (In thousands, except per share amounts) (Unaudited) Three Months EndedMarch 30,March 31,20252024Net sales $ 64,834$ 56,003Cost of goods sold48,33442,047 Gross profit16,50013,956Selling, general and administrative expenses11,92910,022Investment impairment loss-- Operating income4,5713,934Other (expense) / income: Non-service related pension credit50137 Interest and investment gain (loss)(6)110 Interest expense(239)(296) Other expense(195)(49)Income before income taxes4,3763,885Income tax expense1,005894 Net income$ 3,371$ 2,991Earnings per share: Basic$ 0.72$ 0.65 Diluted$ 0.72$ 0.64Cash dividends per share$ 0.23$ 0.23 Burnham Holdings, Inc. Consolidated Balance Sheets (In thousands) (Unaudited)(Unaudited) March 30,December 31,March 31, ASSETS 202520242024 Current AssetsCash and cash equivalents$ 6,284$ 6,350$ 5,930Trade accounts receivable, net21,66728,60619,188Inventories, net59,17154,90867,297Costs in excess of billings203141790Prepaid expenses and other current assets2,9494,4265,080 Total Current Assets90,27494,43198,285 Property, plant and equipment, net71,69170,14466,203 Lease assets5,6336,0054,060 Other long-term assets23,29623,75619,063 Total Assets$ 190,894$ 194,336$ 187,611LIABILITIES AND SHAREHOLDERS' EQUITY Current LiabilitiesAccounts payable & accrued expenses$ 29,312$ 35,509$ 31,046Billings in excess of costs1,3041,698218Current portion of: Long-term liabilities7727721,171 Lease liabilities1,3121,3481,043 Long-term debt 184184184 Total Current Liabilities32,88439,51133,662 Long-term debt23,88322,27332,125 Lease liabilities4,3214,6573,017 Other long-term liabilities4,5814,8235,907 Deferred income taxes9,7369,7939,186 Shareholders' EquityPreferred Stock530530530Class A Common Stock 3,6423,6333,633Class B Convertible Common Stock1,3021,3111,311Additional paid-in capital10,91810,79911,869Retained earnings131,183128,884123,217Accumulated other comprehensive loss(21,028)(20,820)(24,415)Treasury stock, at cost (11,058)(11,058)(12,431) Total Shareholders' Equity115,489113,279103,714 Total Liabilities and Shareholders' Equity$ 190,894$ 194,336$ 187,611 Burnham Holdings, Statements of Cash Flows(In thousands)(Unaudited)Three Months EndedMarch 30,March 31,20252024Cash flows from operating activities: Net income$ 3,371$ 2,991 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization1,3931,370 Deferred income taxes517 Provision for long-term employee benefits(50)(125) Share-based compensation expense119100 Other reserves and allowances(2,206)(1,226) Changes in current assets and liabilities, net of acquisition: Decrease in accounts receivable, net6,92011,817 Increase in inventories, net(4,263)(9,279) Decrease (increase) in other current assets726(3,214) Decrease in other current liabilities(3,666)(3,087) Net cash provided by (used by) operating activities2,349(636)Cash flows from investing activities: Capital expenditures(2,953)(3,134) Other investing activities-(8) Net cash used by investing activities(2,953)(3,142)Cash flows from financing activities: Net proceeds from revolver1,6564,939 Repayment of term loan(46)(46) Dividends paid(1,072)(1,065) Net cash provided by financing activities5383,828Net (decrease) increase in cash and cash equivalents$ (66)$ 50Cash and cash equivalents, beginning of period$ 6,350$ 5,880Net increase (decrease) in cash and cash equivalents(66)50Cash and cash equivalents, end of period$ 6,284$ 5,930 Burnham Holdings, Inc. Consolidated Statements of Shareholders' Equity (In thousands) (Unaudited)Class BAccumulated Class AConvertibleAdditionalOtherTreasury PreferredCommonCommonPaid-inRetainedComprehensiveStock,Shareholders' StockStockStockCapitalEarningsLossat CostEquity Balance at December 31, 2023$ 530$ 3,633$ 1,311$ 11,769$ 121,291$ (24,668)$ (12,431)$ 101,435Net income----2,991--2,991 Other comprehensive income, net of tax-----253-253 Cash dividends declared: Common stock - ($0.23 per share)----(1,065)--(1,065) Share-based compensation: Expense recognition---100---100Balance at March 31, 2024$ 530$ 3,633$ 1,311$ 11,869$ 123,217$ (24,415)$ (12,431)$ 103,714 Class BAccumulated Class AConvertibleAdditionalOtherTreasury PreferredCommonCommonPaid-inRetainedComprehensiveStock,Shareholders' StockStockStockCapitalEarningsLossat CostEquity Balance at December 31, 2024$ 530$ 3,633$ 1,311$ 10,799$ 128,884$ (20,820)$ (11,058)$ 113,279Net income----3,371--3,371 Other comprehensive loss, net of tax-----(208)-(208) Cash dividends declared: Common stock - ($0.22 per share)----(1,072)--(1,072) Share-based compensation: Expense recognition---119---119 Conversion of common stock-9(9)-----Balance at March 30, 2025$ 530$ 3,642$ 1,302$ 10,918$ 131,183$ (21,028)$ (11,058)$ 115,489The accompanying notes are integral to the consolidated financial statements. View original content: SOURCE Burnham Holdings, Inc. Sign in to access your portfolio
Yahoo
01-04-2025
- Business
- Yahoo
Northwind Group and BHI Provide $170 Million Construction Loan for Nortco's Boutique Luxury Condominium Project at 200 West 88th Street in Manhattan
NEW YORK, April 1, 2025 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, together with BHI, the U.S. branch of Bank Hapoalim B.M., a full-service commercial bank, today announced the origination of a $170 million construction loan to fund a boutique luxury condominium development at 200 West 88th Street, located in Manhattan's Upper West Side. The financing will fund the ground-up development of a 36-unit ultra-luxury condominium project led by Nortco Development, a privately held real estate development and investment firm. The property will be designed by a globally renowned architect and will offer spacious three- to five-bedroom units, many featuring private outdoor spaces, and a curated selection of amenities. The project aims to address a notable shortage of boutique-scale, full-service buildings with large-format residences in the Upper West Side market. Northwind's financing was provided through Northwind Debt Fund III (NDF III), the firm's latest real estate credit fund, which has rapidly scaled since launching in January 2025, surpassing $300 million in originations during its first quarter. This latest transaction underscores Northwind's strategic approach to delivering tailored financing solutions for experienced sponsors developing high-caliber residential projects in New York City. The deal follows a strong 2024, during which Northwind originated over $1.1 billion in loans across its real estate credit platform. NDF III is the firm's fifth credit fund, complementing two dedicated healthcare debt funds and two previous real estate debt funds. "We are pleased to fund this loan for Nortco a repeat borrower of Northwind and happy to collaborate with BHI on this marquee project," said Ran Eliasaf, Founder and Managing Partner of Northwind Group. "We have supported this project from the pre-development phase and are excited to continue our involvement through construction. This loan demonstrates our strong commitment to financing premier condominium developments in New York City. We see sustained demand from discerning buyers seeking thoughtfully designed, family-sized residences on the Upper West Side and particularly value the opportunity to partner again with trusted, repeat borrowers. "We are excited to partner once again with Northwind on this exciting development, which will reshape the landscape of the Upper West Side," said Haim Nortman, Founder of Nortco Development. "Their relationship-driven approach, quick execution and deep understanding of the market enable us as developers to seize opportunities and deliver transformative projects." "The Upper West Side has long been one of the most desirable areas of Manhattan real estate," said Ilana Druyan, Senior Vice President – Team Leader and Head of International Origination – CRE, at BHI. "We're always honored by the opportunity to work together with returning sponsors who elect to use our bank to finance their subsequent projects, and we're excited to work with Haim and Rony Nortman of Nortco, and to partner with Northwind to introduce new compelling inventory to this market." About Northwind GroupFounded in 2008 by Ran Eliasaf, Northwind Group is a Manhattan-based real estate private equity firm focused on credit strategies through discretionary, closed-ended debt funds. The firm has executed over $5.6 billion in real estate transactions across more than 320 properties. For more information, visit About Nortco DevelopmentNortco Development is a privately held real estate development and investment firm based in New York City founded in 2013 by Haim Nortman. The firm specializes in condominium and multifamily development projects across NYC. About BHI BHI, the U.S Branch of Bank Hapoalim, B.M., Israel's leading financial institution, provides commercial banking solutions to middle market clients in sectors including commercial real estate; general, domestic and Israeli C&I private equity; food and beverage; apparel; healthcare; corporate banking; and high-tech. In addition to its New York headquarters, the bank operates U.S. Representative Offices in Woodcliff Lake, New Jersey; Miami, Florida; and Los Angeles, California. For more information, Media Contact: Northwind@ View original content to download multimedia: SOURCE Northwind Group Sign in to access your portfolio
