NEW YORK — Financial services and private investment group Greystone has arranged a $54.5 million bridge loan for the acquisition of The Hamptons Center for Rehabilitation and Nursing, a 280-bed skilled nursing facility in Southampton, N.Y.
SentosaCare LLC, a skilled nursing care owner and operator with 17 facilities in New York City, purchased the asset. The bridge loan, provided by Greystone, includes interest-only payments and has a term of less than one year, at the end of which it will be converted into permanent FHA financing.
Greystone has secured multiple loans on behalf of SentosaCare in the last decade.
“We’re an organization that places high importance on relationships, and after 10 years of working together, we believe Greystone shares the same values,” says Ben Philipson, principal of SentosaCare. “As a trusted partner, Greystone is well-versed in navigating the challenges of securing financing for skilled nursing facilities and senior housing, especially in regions where property values are quite high.”
The Hamptons Center, which provides rehabilitation, medical, housekeeping, lab work and physical therapy services for residents, was 96.8 percent occupied at the time of the sale. The facility also offers specialized care in the areas including Alzheimer’s and dementia, amputation, multiple sclerosis and tracheostomy.
The property features a beauty parlor and barber shop, meditation room, multi-purpose media room and arts and crafts room. Located within the historic Southampton Village, The Hamptons Center is on the East End of Long Island.
Fred Levine of Greystone arranged the terms of the loan, which was closed in less than 90 days.
“We have a great team,” says Arthur Hatzopoulos, executive managing director of Greystone. “They are talented, hard-working and committed to meeting our customers’ interim and permanent financing needs and really exceeding their expectations. As a result, we find that valued new clients turn into valued long-term clients.”
Headquartered in New York, Greystone is active in mortgage finance, healthcare and real estate in 35 states nationwide. According to the company’s website, Greystone was the No. 1 FHA lender in 2013, and also ranked as a top-10 Fannie Mae lender.
— John McCurdy