Greystone Provides $36 Million HUD Loan to Refinance Bridge Loan for Skilled Nursing Facility in Queens, NY
June 9, 2014
Greystone announced it provided a $36,696,000 HUD loan to refinance a 314-bed skilled nursing facility in Queens, NY. The transaction was originated by Fred Levine, a senior mortgage originator at the firm.
Greystone initially funded a bridge loan for the acquisition of Holliswood Center for Rehabilitation and Healthcare by Centers for Specialty Care Group in May 2013, and closed the permanent FHA financing in less than one year. The HUD loan carries both a 30-year term and amortization at a low rate. Holliswood is a 314-bed rehabilitation and skilled nursing facility located in New York’s Hollis neighborhood.
“We are thrilled to have successfully closed on our permanent HUD financing for Holliswood after Greystone initially provided our bridge loan less than a year ago,” said Daryl Hagler, Managing Member of Hollis Realty, LLC. “With our growing portfolio, it’s important to know that we have a partner like Greystone to depend on. Many lenders discuss bridge to HUD loans but only a few can execute as well as Greystone. We look forward to closing more transactions together,” he added.
“Greystone’s bridge to HUD loan process has become a mature platform that provides a number of benefits for healthcare property owners, satisfying the immediate need for funding and enabling the long-term, low-rate financing for which HUD is known,” said Betsy Vartanian, head of FHA lending at Greystone.
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending, #3 in Affordable Housing volume as a Fannie Mae DUS lender, and as a top-5 Freddie Mac lender for seniors housing.