Greystone provided $35.7 million in HUD loans to refinance two supportive living facilities in Illinois. Built in 2004 and 2005, the properties total 272 units and provide an alternative to a nursing home for low-income seniors who do not require skilled nursing care.
Greystone’s Eric Rosenstock originated the financing on behalf of Grand Lifestyles. The non-recourse loans both carry 35-year terms, full-term amortization and fixed rates.
The transaction follows another supportive living facility refinance that Rosenstock arranged for The Pointe at Kilpatrick, a 122-bed facility in Crestwood, Illinois. For that property, Greystone provided a $13.7 million HUD loan with a 35-year term and a low, fixed interest rate.
Built in 2003, The Pointe at Kilpatrick is located in a suburb south of Chicago. The facility sits on 3.12 acres and is licensed for 83 units and 122 total beds. Amenities include a community room, living room with fireplace and aviary, library, therapy room, barber/beauty shop, jacuzzi spa, outdoor gazebo, landscaped courtyard and children’s play area, private dining room, resident laundry rooms and lounge areas.
