Greystone’s Fred Levine successfully refinanced two skilled nursing facilities in Jackson, Tennessee. Greystone had actually provided the bridge loans used to fund the facilities’ acquisition in 2016 by a private Tennessee-based individual. The buyer had been leasing the facilities but exercised their right of first refusal to snap up the properties. The 160-bed facility sold in 2016 for $14.6 million, while the 64-bed facility was $4.6 million.
Two years later, the owner refinanced the properties with $20.9 million in fixed-rate HUD financing, with a 30-year term and amortization period.
