Six years since being acquired by Centers Health Care (then Centers for Specialty Care), a 510-bed skilled nursing facility in Brooklyn, New York is refinancing through HUD with the help of Greystone’s Fred Levine.
The transaction comes at a good time for the facility, which has significantly improved its operations since Centers took over in 2011. The company has so far invested over $20 million in renovating the facility, which now maintains a five-star rating from CMS. Built in 1973, it is 97% occupied with a 49% Medicaid, 25% Medicare and 26% private pay census. Its services are comprehensive as well, including amputee recovery and training, cardiac care, palliative care, dental services, occupational therapy, oxygen management, respiratory management, speech therapy, stroke rehab and tracheostomy care, among others. The facility also includes two floors focused on Asian cultures, staffed with caregivers fluent in Mandarin, Cantonese and Toishanese, and a separate environment for those observing Orthodox Jewish customs.
To refinance the property, Mr. Levine originated a $78.4 million 35-year loan. Greystone has now provided over $200 million in total financing to Centers over the course of their relationship, which we expect will not end with this transaction.
