Aspens Senior Living partnered with Greystone to obtain construction financing for two of its latest seniors housing projects located in North Carolina and Arizona. First, to the Tar Heel state, where Aspens and joint venture partner Pennybacker Capital are currently building a 182-unit independent living community in Raleigh. A regional bank provided a $24.2 million loan to fund the construction. Then, in Gilbert, Arizona, Aspens, Pennybacker Capital and McFarlin Group are developing a 204-unit independent living community, with the help of a $25.8 million loan provided by a publicly traded bank and also arranged by Greystone.
Greystone also snuck in a $16.5 million HUD loan arranged by Fred Levine. The financing takes out a bridge loan that Greystone provided in 2015 to fund the acquisition of a 216-bed skilled nursing facility in Dunkirk, New York (Buffalo MSA). The buyer, VestraCare, turned the facility around and upon stabilization sought a HUD refinance, receiving a 33-year term.
