Greystone announced its latest HUD activity with two loan closings for senior care facilities. The larger deal saw Fred Levine arrange a $24.9 million refinance for a 120-bed skilled nursing facility in Yonkers, New York. Built in 2000, it offers a certified respiratory and ventilator unit and also provides a range of services including short-term rehabilitation, occupational, physical and speech therapy, amputee rehab, wound care, neuro-rehabilitation, certified cardiopulmonary rehabilitation, dedicated Alzheimer’s and dementia care units, as well as stroke and traumatic brain injury rehabilitation.
L&A RE Acquisitions, LLC acquired the facility in 2015 for $22.7 million, or $189,200 per bed. That’s the value of Westchester County real estate right there. The facility was also well occupied at the time. Now, Greystone has provided a $24.9 million HUD loan, with Shia Fishman of Capital Stack Advisors acting as correspondent. L&A was able to reduce its interest rate and extend both its term and amortization period with the transaction.
Greystone’s Eric Rosenstock and Jesse Yodice also originated a refinance for Heritage Communities and its 128-bed assisted living/memory care community in Omaha, Nebraska. The $11.9 million loan comes with a 35-year term and fixed interest rate.
