Lending - FHA - $43.5M
Greystone provided a $43,545,000 HUD loan for the acquisition of a 360-bed skilled nursing facility in Brooklyn, NY. The transaction was originated by Fred Levine, a senior mortgage originator at the firm.
The FHA financing was provided for Shorefront Center for Rehabilitation and Nursing Care, a nursing home and rehabilitation center located on the storied Coney Island boardwalk of Brooklyn’s ocean waterfront. The terms of the non-recourse loan include a fixed low interest rate for 35 years. The facility now becomes part of the growing SentosaCare Network in New York.
“I’m thrilled to add this quality facility to our portfolio of healthcare facilities,” said Ben Philipson, President of SentosaCare. “After many successful healthcare finance transactions with Greystone, the one constant I can always depend on is having a highly skilled and responsive team to help grow my business. By going straight to HUD for the acquisition, I was able to avoid the additional step and associated costs of securing a bridge loan first.”
“While a skilled nursing facility acquisition with HUD can often be challenging due to extended timelines, we were able to work closely with SentosaCare and the seller to close in a timely fashion and realize the benefits of long-term, low rate FHA financing,” said Betsy Vartanian, head of Greystone’s FHA healthcare lending team at Greystone. “Shorefront’s residents, staff and the broader Coney Island community will certainly benefit from this acquisition for many years to come,” she added.