Greystone provided a $40 million bridge loan to acquire and rehab a seniors housing community in The Bronx, New York. The financing was originated by Senior Managing Director Eric Rosenstock and Executive Vice President Jeff Englund on behalf of a joint venture between Scott Jaffee of Metropolitan Realty Group and Leo Friedman of Citadel Care Centers.
Built in 1969, Kittay House comprises 295 affordable seniors units with social, recreational, and educational programs on-site as well as meals, housekeeping and easy access to healthcare and supportive services. Greystone’s interest-only non-recourse bridge loan carries a 24-month term with two six-month extension options.
