Veterinarians are borrowing big to create palatial pet clinics

McDaniel decided she could, tacking on a $750,000 loan to expand her practice by more than two dozen doggy bedrooms, an exam room for specialty procedures and an artificial turf play field. She bought an underwater treadmill for rehab care and had a slushy beverage machine installed as a treat for her 35 employees.

“I dream big, I’ll say that. It seems extreme in some cases,” McDaniel said.

Similar stories can be found across the country as the animal health-care sector experiences stunning growth. Now veterinarians are busting down walls or breaking ground to make room for new clients clamoring for boarding, day care and grooming.

Their balance sheets are getting more complicated, too. In the first nine months of 2022, small-business loans to vet offices spiked 23 percent at PNC Bank, a spokesman said. At Huntington National Bank, vet credit requests have quadrupled in the past four years.

That’s fueled by a surge of pet adoptions, experts say. More than 23 million U.S. households — nearly 1 in 5 — took in a pet during the coronavirus pandemic, according to the American Society for the Prevention of Cruelty to Animals. The share of households with at least one dog jumped from 38 percent in 2016 to 45 percent in 2020, before leveling off last year. Cat ownership went from 25 percent in 2016 to 29 percent in 2022.

For Brian Greenfield and his partners at Animal Clinic Northview, the pandemic pet boom spurred them to accelerate their expansion timeline. The clinic outside of Cleveland added 12,000 square feet of cutting-edge space, including 10 exam rooms, two operating suites, a remodeled intensive care unit, a rehab pool and an underwater treadmill. The project cost $4 million, 75 percent of it in the form of a loan from PNC.

Becka Byrd in San Antonio purchased a plot of land to start a second vet practice in 2018 and opened it in 2021, complete with a “pet retreat and spa.” Boarding suites have flat-screen TVs that display burning fireplaces or play cartoons.

McDaniel’s luxury dog boarding service allows owners to engage with their pets through daily video calls. The clinic’s staff of veterinary technicians and assistants tucks pups into bed each night and gives them nightly treats.

Tommy Monaco in northern New Jersey started his own specialty surgery practice. His wife, Francesca, left her job as a management consultant at ed-tech firm Blackboard to run the business’s finances. Jonathan Trail, in southern New Jersey, added 2,500 square feet of space to his “mom and pop” general vet practice with a…