Greystone Closes $54.5 Million Bridge Loan for Hamptons Senior Housing Facility Acquisition
January 29, 2014
Greystone announced it has closed a $54.5 million bridge loan for acquisition of The Hamptons Center for Rehabilitation and Nursing in Southampton, New York. Fred Levine, originator in Greystone’s Monsey, New York office, worked to close the loan.
The interest-only bridge loan, closed by Greystone in 90 days, is the latest of multiple loans that Greystone has secured on behalf of SentosaCare over the past decade. The Hamptons Center for Rehabilitation and Nursing is a 280-bed skilled nursing facility that currently has a 96.8% occupancy rate. The healthcare center provides a full range of services for its residents including rehabilitation, medical, housekeeping, lab work and physical therapy.
“We’re an organization that places high importance on relationships, and after 10 years of working together, we believe Greystone shares the same values,” said Ben Philipson, principal of SentosaCare. “As a trusted partner, Greystone is well-versed in navigating the challenges of securing financing for skilled nursing facilities and senior housing, especially in regions where property values are quite high,” Mr. Philipson added.
“We have a great team at Greystone. They are talented, hard-working, and committed to meeting our customers’ interim and permanent financing needs and really exceeding their expectations,” said Arthur Hatzopoulos, Executive Managing Director at Greystone. “As a result, we find that valued new clients turn into valued long-term clients,” he added.
Greystone was the number one FHA lender in 2013 and is ranked as a top-10 Fannie Mae lender.