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KATONAH--Four Winds Hospital has reached a long-term agreement with its lender to avert foreclosure of he Katonah psychiatric facility.
American Health Properties, a real estate investment trust based in Englewood, Colo., had filed a $61.2 million foreclosure action against the hospital in state Supreme Court in White Plains on Oct. 9.
However, an agreement was reached belween Four Winds management and American Health Properties on Friday, Oct. 16 involving a major restructuring of the debt, according to Dr. Martin Bucolo, chief operating officer of Four Winds. Geoffrey Lewis, vice president of administration for American Health Properties, said the foreclosure action will be put on hold pending final approval of the agreement expected by...