Greystone Provides $78 Million HUD Loan for 510-Bed Skilled Nursing Facility in Brooklyn
July 21, 2017
Greystone announced it has provided a $78,399,600 HUD-insured permanent loan to refinance Boro Park Center for Nursing & Rehabilitation, a skilled nursing facility in Brooklyn, New York. The transaction was originated by Fred Levine, Managing Director in Greystone’s Monsey, NY office.
The transaction marks one of the largest-ever HUD loans for a skilled nursing facility, and caps over $200 million in total financing provided by Greystone for Centers Health Care. The facility was struggling financially when Centers Health Care purchased it over five years ago, and the principles have invested over $20 million in renovations and remained dedicated to transforming an underperforming facility into one of the finest facilities in the country.
Boro Park Center, which maintains a 5-star Medicaid rating, provides a diverse range of services and amenities for its residents. Its clinical services include Amputee Recovery and Training; Cardiac Therapy; Comfort Care & Palliative Care; Dental Services; Isolation Rooms; Occupational Therapy; Oxygen Management; PICC Management; Physical Therapy; Pleurx Management; Post-Surgical Orthopedic Care; Respiratory Management; Speech Therapy; Stroke Rehabilitation; and Tracheostomy Care.
The Brooklyn facility includes two entire floors dedicated to celebrating Asian cultures, creating a comforting and familiar environment for residents and their interactions with staff fluent in Mandarin, Cantonese and Toishanese. Additionally, the facility offers a separate environment that observes Orthodox Jewish customs, providing Glatt Kosher cuisine as well as access to familiar lifestyle experiences including Shabbat room and Shul with daily Shiurim.
“The Boro Park Center is truly an amazing facility,” said Mr. Levine. “The interior is beautiful, the care is exemplary and the energy in the building is very special. We appreciate the trust Centers Health Care continues to place in us to provide them with financing that enables them to continue to provide world class care to their residents.”