Greystone got back in the game with a HUD refinance for three skilled nursing facilities in upstate New York. Fred Levine originated the transactions on behalf of the borrower, Bronx, New York-based Centers Health Care.
The facilities include Ontario Center for Nursing and Rehabilitation in Canandaigua, Steuben Center for Nursing and Rehabilitation in Bath, and Corning Center for Nursing and Rehabilitation in Corning, all between Rochester and Elmira. They total 323 beds. Centers acquired the Bath facility from Steuben County in 2014 for $11 million, or $104,800 per bed, but it was built in 2008 for a total cost of $19.5 million. Centers Health Care also took over the 45-year old Canandaigua facility in 2014.
The HUD loans totaled $43.9 million and came with extremely low interest rates in the mid-2s.