Greystone Provides $29 Million in HUD-Insured Financing for Senior Living Properties in Tennessee and Mississippi
March 31, 2020
Category: Seniors Housing, HUD
Greystone has refinanced a total of $29,420,356 in HUD-insured loans for two affiliated senior living facilities in Tennessee and Mississippi. The transactions were originated by Lisa Fischman in Greystone’s New York office.
The transactions enabled the borrower to take advantage of the current low-rate environment and lock in long-term financing at historically low, fixed interest rates.
Greystone executed a $12,228,300 HUD A(7) loan with a 40-year term and amortization to refinance a 106-unit senior and assisted living facility located in Germantown, Tennessee. In addition to securing a low interest rate, the loan proceeds enable the borrower to make capital expenditure improvements to the property, Germantown Plantation Senior Living.
For the same client, Greystone utilized HUD’s Interest Rate Reduction (IRR) program to reduce the interest rate on $17,192,056 in financing that Greystone had secured in 2017. Built in 2011, the Silvercreek Senior Living Community in Olive Branch, Mississippi, offers 99 studio, one- and two-bedroom units as well as onsite activities and amenities such as transportation, fitness center and recreational facilities, banking and salon services.
HUD’s IRR program enables borrowers to modify their existing FHA loans to reduce their interest rate without refinancing. Greystone can typically complete the IRRs in approximately three weeks.
“Helping our clients take advantage of the falling interest rate environment and save on borrowing costs is in our DNA at Greystone. Knowing our clients can extract value and deploy more resources benefitting their senior residents and the community as a whole is what brings me to work each day,” said Ms. Fischman. “Perhaps that’s why our clients keep coming back to us as their preferred lender.”
“When my Greystone team reached out to tell me they could save us even more money, which could help us make improvements to our property, I was thrilled,” said Denise Littlefield, executive director of Germantown Plantation Senior Living. “On both transactions, the process was seamless, painless and quick, everything we’ve come to expect from Greystone. My Greystone team truly puts the needs of the facilities in my portfolio first, not just this time but every time.”