Greystone Provides $72 Million in Bridge Financing for Skilled Nursing Portfolio in North Carolina and Kentucky
May 21, 2019
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided $71,920,000 in financing for the acquisition and refinance of a 874-bed skilled nursing facility portfolio spanning North Carolina and Kentucky. The financing was originated by Fred Levine, Managing Director at Greystone.
Greystone provided short-term bridge financing for the seven total skilled nursing properties, six of which are located in North Carolina. The bridge loan terms include a 24-month payment period with two six-month extensions, and no pre-payment penalty. The Borrower intends to transition the short-term bridge financing to permanent, low- and fixed-rate FHA-insured financing through Greystone’s bridge-to-HUD process.
“Our flexible bridge program coupled with our position as the #1 HUD lender in the country provides borrowers with more certainty of execution than they require to succeed. We are thrilled to have helped our client complete this transaction to expand their SNF portfolio,” said Mr. Levine.