Skilled Nursing Facility Portfolio
Lending - FHA - $54.2M
Greystone provided $54,240,000 in HUD-insured mortgage loans to refinance two skilled nursing facilities in Queens, NY. The separate transactions were originated by Fred Levine, Managing Director in Greystone’s Monsey, NY office.
Brookhaven Rehabilitation and Healthcare Center in Far Rockaway, Queens and Cypress Garden Center for Nursing & Rehabilitation in Flushing, Queens received 30-year self-amortizing FHA loans at low, fixed rates.
Brookhaven Rehab, a 298-bed facility refinanced for $21,920,000, offers short-term and long-term care as well as bariatric weight loss services. The latter is a 90-day in-patient specialized program with comprehensive counseling and exercise groups, and is responsible for transforming hundreds of lives for healthier living. Additional services and amenities offered at Brookhaven Rehab include dementia care, nutrition, I.V. therapy, respiratory services, wound care, and social services.
Cypress Garden is a 278-bed facility refinanced for $32,320,000 which offers short-term rehabilitation including physical, occupational and speech therapies, as well as IV therapy, wound management, Alzheimer’s & dementia care, tube feeding, Cpap/Bipap, and orthopedic care. The facility also caters to the Mandarin & Chinese population with a specialized Ankang Program, offering culturally-appropriate activities and dietary options.
Both facilities are part of the SentosaCare network. “I always appreciate the confidence and certainty of execution with which Greystone shepherds us through the HUD loan process. It’s been a pleasure to secure long-term permanent financing for a growing portfolio of assets and being able to focus on the resident experience,” said Mr. Ben Philipson of SentosaCare.
“Brookhaven Rehab and Cypress Garden are both unique facilities in that they are quite large, but also very specialized and personable for each of their focused resident groups, whether it is for nutrition or palliative care or a culturally accommodating environment,” said Mr. Levine. “By securing this long-term financing for both facilities, the Borrowers can continue to invest in them for the benefit of the residents and continue to provide services that are in great need for the Queens community.”