Greystone Provides $8.6 Million in HUD-Insured Construction Financing for Assisted Living Facility in Western New York
May 26, 2020
Category: FHA/HUD, Seniors Housing
Greystone announced it has provided an $8.6 million HUD-insured construction loan for the expansion of Bristol Village, an assisted living facility located in Clarence Center, New York. The transaction was originated by Lisa Fischman, vice president in Greystone’s New York office, on behalf of Bristol Village.
The $8,600,000 fixed, low-interest rate HUD-insured 241(a) construction loan converts to permanent financing when the expansion project is completed, and will run concurrent with the property’s existing HUD-insured loan, which Greystone originated in 2011. Proceeds from this loan will be used to add 32 assisted living beds, a total addition of 23,000 square feet, including the expansion of the property’s existing community spaces.
HUD’s 241(a) loan product provides supplemental financing for significant improvements to multifamily and healthcare properties with existing HUD-insured loans.
Constructed in 2003, Bristol Village is a single story assisted living facility comprised of 110 beds with 84 units on 20 beautifully landscaped acres in Western New York State, just outside of Buffalo. Carrying a strong reputation reflected by its ongoing waiting list, the property provides on-site amenities such as a theater and activity room, physician’s office, hair salon, and gift shop.
“We love the challenge of helping our clients get the best financing terms so that their investment dollars can make the most impact on the properties they own and the residents they serve,” said Ms. Fischman. “We are always willing to go the extra mile to research all of the options available and are sensitive to the unique needs of each and every client we serve.”
“There is no other team like Greystone – their deep expertise in healthcare lending resulted in a tremendous amount of unknotting transaction-related knots and securing an interest rate uncharacteristically low for a 241(a). Their ability to listen and understand our unique situation nine years ago, brought us back to them today,” said Mr. Mike Helbringer, CEO of Bristol Village, a not-for-profit. “Greystone’s professionalism and diligence throughout every stage of this transaction produced an end result that will improve Bristol Village’s fiscal security for years to come.”