Greystone Provides $100.8M HUD Financing for Skilled Nursing Facilities in New York
NEW YORK CITY — Greystone has provided a total of $100.8 million in HUD-insured loans to refinance two seniors housing properties in the state of New York. Fred Levine, managing director in Greystone’s Monsey office, originated the separate transactions for the same borrower. Although the borrower was not disclosed, Centers Health Care operates both facilities. Greystone provided a $71.8 million loan for Triboro Center for Rehabilitation and Nursing in the Bronx. The facility features 405 skilled nursing beds and 70 assisted living beds. Proceeds of the loan will be used to refinance the existing debt and to renovate portions of the facility.
Greystone also provided a $29 million loan for Buffalo Center for Rehabilitation and Nursing, a 200-bed facility in Buffalo. The transaction was a bridge-to-HUD execution, for which Greystone funded the acquisition of the facility with its non recourse bridge loan platform and then completed a permanent exit with HUD’s long-term, fixed-rate financing. A portion of the loan proceeds will be used for renovations and improvements to the property.