Greystone Monticello, a bridge lending platform that provides capital finance products and services for the multifamily and seniors housing sectors, provided a bridge loan to finance the $150 million acquisition of a portfolio of eight supportive living facilities (SLFs) located across Illinois. Greystone Senior Managing Director Eric Rosenstock worked with both the buyer and the seller on the transaction and originated the bridge financing.
The deal was financed with a two-year bridge loan that is intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 total beds, the facilities are located in Elk Grove, Melrose Park, Country Club Hills, Bartlett, Vernon Hills and Chicago. The Supportive Living Program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing.
