Utilizing HUD’s new green seniors housing program that can cut closing costs by 75 basis points and reduce the borrower’s interest rate by almost 50 basis points. Greystone provided a $16.8 million loan to refinance a 102-unit supportive living facility in Rolling Meadows, Illinois. The financing was originated by Adam Lipkin and Michael Zukerman of Greystone, with Brent Connell of Geneva Capital acting as correspondent on the transaction.
Plum Creek at Rolling Meadows is a three-story facility on 1.46 acres, which was constructed in 1986 as a hotel and converted to supportive living in 2006. The supportive living program in Illinois is an alternative to skilled nursing care for low-income older persons requiring mid-range care needs.
With the 35-year self-amortizing refinancing, the owner committed to implementing “green” improvements that will result in an estimated 15% in energy savings and 10% in water savings annually, amounting to projected savings of over $20,000 per year.
