Greystone Provides $18.4 Million in Bridge Financing for 252-Bed Skilled Nursing Facility Portfolio in Kentucky
January 9, 2019
Category: Bridge, Healthcare
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided an $18.432 million bridge loan to finance the acquisition of three skilled nursing facility (SNF) properties totaling 252 beds across Kentucky. The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, NY office, on behalf of The Portopiccolo Group.
The $18,432,000 interest-only bridge loan carries a two-year term, with two six-month extension options. Greystone’s HUD group is now processing the application for the HUD 232 permanent financing.
The portfolio consists of a 94-bed facility in Glasgow, a 60-bed facility in Fulton, and the 98-bed Clinton Place facility in Clinton, KY. Each offers short-term rehabilitation services as well as complex medical, long-term and memory care, and respite care. All three properties were acquired from DiversiCare Healthcare Services and are currently operated by Clearview Healthcare Management.
“We were excited to help our client quickly acquire this portfolio, and we look forward to securing the right financing for a stable, long term solution in the future,” Mr. Levine. “Starting with the initial acquisition financing for an asset or portfolio, we are intent on exceeding client expectations every step of the way with our deep industry expertise, broad product platform, and best-in-class execution.”