Lending - FHA - $9.68M
Greystone arranged $9.68 million in financing for the Bristol Village assisted living facility located in Clarence Center, NY, just outside of Buffalo. Greystone applied the 232(a)(7) rate reduction program to achieve costs savings in today’s favorable rate environment. Josh Fishman led the team at Greystone to close the financing.
Mike Helbringer, the borrower for Bristol Village, noted that, “Greystone’s deep expertise in healthcare lending and focus on customer service meant a smooth process and a knowledgeable team that provided white-glove assistance along the way.”
The property comprises 104 beds with 84 units on 20 beautifully landscaped acres in Western New York State, and provides on-site amenities such as physician’s office, hair salon and gift shop.
232(a)(7) financing can be pursued on existing loans that are HUD insured, allowing borrowers to lower their debt service costs with minimal out-of-pocket expenses. As a not-for-profit, Bristol Village will realize a savings of over $200,000 annually from the refinancing