Greystone Provides $100 Million in HUD-Insured Financing for Skilled Nursing Facilities in New York State
November 28, 2018
Greystone announced it has provided a total of $100,750,100 in HUD-insured loans to refinance seniors housing properties in the state of New York. The separate transactions were originated for the same borrower by Fred Levine, Managing Director in Greystone’s Monsey, NY office.
A $71,778,000 HUD-insured loan was provided for a facility located in the Bronx, Triboro Center for Rehabilitation and Nursing, which comprises 405 skilled nursing beds and 70 assisted living beds. Proceeds of the loan will be used to refinance the existing debt and to renovate portions of the facility.
A $28,972,100 HUD-insured loan was provided for a 200-bed skilled nursing facility, Buffalo Center for Rehabilitation and Nursing, located in Buffalo, NY. This transaction was a bridge-to-HUD execution, for which Greystone funded the acquisition of the facility with its non-recourse bridge loan platform and then completed a permanent exit with HUD’s long-term, low, fixed-rate financing. A portion of the loan proceeds will be used for renovations and improvements to the property.
“Borrowers place their trust in us to execute their financing plans, enabling them to fully concentrate on resident care,” said Mr. Levine. “Our team has a tremendous track record for executing these transactions. I’m grateful for the trust the borrowers place in us, and for the incredibly talented team at Greystone that delivers time and time again.”