Greystone Provides $24M Loan for Refinancing of Assisted Living Facility in New Jersey

NEW JERSEY — Greystone has provided a $24 million Fannie Mae loan to refinance a 138-unit assisted living facility in New Jersey. D.J. Elefant of Greystone’s New York office originated the transaction on behalf of Sage Healthcare Partners. Neal Raburn of Greystone’s Atlanta office provided support in structuring, underwriting and closing the transaction. The name and location of the property were not disclosed. The loan carries a 10-year term and 30-year amortization schedule with an interest-only payment period of two years. Greystone originally provided a bridge loan to the borrower to acquire the facility in 2017 and make investments to increase its overall value. The permanent loan enables the borrower to refinance out of the bridge loan and continue with its ongoing facility improvements.