Greystone Provides $24 Million to Refinance Assisted Living Facility in New Jersey
April 16, 2019
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $24 million Fannie Mae loan to refinance an assisted living facility in New Jersey. The transaction was originated by DJ Elefant in Greystone’s New York office, on behalf of Sage Healthcare Partners. Neal Raburn and team out of Greystone’s Atlanta office provided support in structuring, underwriting and closing the transaction.
The $23,995,000 Fannie Mae loan carries a 10-year term and 30-year amortization with a two-year interest-only period. The 138-unit assisted living and memory care community offers on-site care as well as a full suite of luxury amenities for long-term residential stays.
Greystone originally provided a bridge loan to the borrower to acquire the facility in 2017 and make significant investments to increase its overall value. The permanent loan enables the borrower to refinance out of the bridge loan and continue with its ongoing facility improvements.
“We’re thrilled that our bridge-to-permanent financing platform has a diverse range of exit options so clients can fully execute on their strategy for each property,” said Mr. Elefant. “At the outset, we were able to help our client transform a struggling facility to one of the area’s nicest, and now the permanent agency financing will enable them to maintain and continually improve the property for the long term.”
“When we first decided to purchase this facility, our Greystone team was dedicated to getting us the financing we needed to realize our vision for what it could really be,” said Avi Satt, President, Sage Healthcare Partners, a boutique senior living management company. ”Greystone’s certainty of execution and proven expertise in seniors healthcare financing made both the initial acquisition and the refinancing smooth, seamless and successful transactions.”