Greystone Managing Director Fred Levine recently provided a $15.8 million bridge loan for the acquisition of a skilled nursing, memory care and personal care campus in Erie, Pennsylvania.
The purchase of Saint Mary’s East, now known as Nightingale Nursing and Rehab Center, was handled by Toby Siefert and Ryan Saul of Senior Living Investment Brokerage and made possible by a two-year floating rate, interest-only loan. Greystone plans to convert the debt to a permanent HUD loan. Six buildings house 139 skilled nursing beds (39 of which are reserved for memory care patients), 131 certified personal care beds, and 91 independent living units.
The original St. Mary’s East building was built in 1929, and the last was completed in 2010. Almost all of the SNF beds were in private rooms, and it boasted a five-star rating from CMS. Occupancy was 88% at the SNF and 86% at the ALF. However, the operating margin was just about 1% on revenues of $14.8 million. The seller was a local not-for-profit that divested the campus to focus on its other campus, an entrance-fee CCRC.
This financing comes on the heels of Mr. Levine providing $36.5 million in HUD loans to three North Carolina SNFs last week.
