Greystone Closes $75 Million in FHA Loans for Acquisition of 561-Bed Skilled Nursing Facility Portfolio in NY
May 8, 2018
Greystone announced it provided $75 million in FHA loans for the acquisition of the Optima Portfolio of skilled nursing facilities including Brookside Multicare in Smithtown, New York; White Plains Center for Nursing and Rehab in White Plains, New York; and Little Neck Nursing Center in Queens, New York. The loans were originated by Fred Levine, managing director at Greystone.
The $75 million in HUD-insured loans carry a low fixed rate, 35-year terms and amortization periods, and were funded via the HUD 232 program for financing of skilled nursing and assisted living facilities.
The Optima Portfolio includes 561 beds in total across the three New York skilled nursing facilities, which have each recently been renovated. Located at 7 NY-25A in Smithtown, New York, Brookside Multicare houses 353 beds, and includes a pediatric unit and ventilator dependent beds. The White Plains Center for Nursing and Rehab, located at 220 West Post Road, is a smaller-scale facility with 88 beds, while the Little Neck Nursing Center, located at 260-19 Nassau Blvd, has120 beds.
“We are actively seeking to acquire stabilized skilled nursing, memory care, assisted living and independent living properties,” said Eric Mendel, CEO of Avenir Healthcare Group and managing member of the Optima Care portfolio. “Greystone has been a trusted and reliable partner as we continue to build our portfolio of assets across the long term care continuum, and I am thrilled with the outcome and Greystone’s ability to execute long-term HUD financing straight away.”
“We are thrilled to have led a record three closings in one day with HUD’s New York office. They have been an incredible partner in this journey,” said Mr. Levine. “With HUD’s full cooperation, and that of the buyer/borrower and the seller, both repeat Greystone clients, we were able to efficiently execute the financing and timing on favorable terms.”
“HUD’s partnerships with private lenders like Greystone are putting healthcare facilities across New York on firm financial footing for decades to come,” said Lynne Patton, HUD Regional Administrator for New York and New Jersey. “Whether for seniors or children, these skilled nursing facilities will benefit from the stability that comes with low-interest federally-insured loans.”