Greystone has provided a $10.37 million bridge loan for the refinance of a skilled nursing facility in Boonville, New York, about 25 miles north of Utica. Opened in 1947 but expanded in 1958, 1964 and 1985, the facility features 120 beds and an outpatient occupational therapy program. It was renovated in 2008 and now consists of 54 semiprivate and 12 private units in one story. It is the only skilled nursing facility in a 15-mile radius.
The facility’s third-generation family owner/operator wished to refinance existing recourse senior debt and eventually obtain a permanent mortgage, so they worked with Greystone’s Fred Levine to secure a $10.37 million bridge loan. That came with a two-year term and two six-month extensions.
