Greystone Provides $78.5 Million in HUD-Insured Financing for Long Island Nursing Home Complex
January 16, 2019
Category: FHA/HUD, Seniors Housing
Greystone announced it has provided $78.5 million in HUD-insured financing on a skilled nursing facility (SNF) complex in Woodbury, New York. The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, NY office.
The $78,533,200 permanent FHA refinance carries a low, fixed interest rate and 30-year term and amortization. Greystone arranged a high-leveraged bridge loan for the acquisition in June 2016.
Located on Long Island, the 588-bed Cold Spring Hills Center for Nursing & Rehabilitation facility offers an array of specialized services and programs, including clinical care; physical, occupational and speech therapies; amputee rehabilitation; pulmonary / ventilator care; cardiac care; and memory care. Significant, multi-year renovations were completed to the property’s five, interconnected residential buildings properties and additional office building in 2010.
“It’s gratifying when sophisticated industry leaders such as these borrowers recognize the value we bring to transactions and continue to come back to Greystone for their financing needs,” said Mr. Levine. “We pledge to continue to deliver unparalleled execution.”