Greystone closed a large collateralized loan obligation (CLO) composed solely of healthcare assets. Greystone CRE Notes 2025-HC4, LLC is a $451.6 million commercial real estate CLO backed exclusively by bridge loans provided by Greystone. The transaction marks the firm’s eighth overall CRE CLO and the industry’s fourth-ever CRE CLO composed solely of healthcare assets. The first three were closed by Greystone in 2018, 2021 and 2024.
The collateral pool for Greystone CRE Notes 2025-HC4 comprises 12 whole loans and seven loan participations secured by 46 properties in 13 states. Those properties include skilled nursing, assisted living, memory care and independent living assets. Skilled nursing properties make up a majority of the portfolio (65.2%), followed by assisted living, memory care and/or independent living properties (25%), and skilled nursing and assisted living, memory care or independent living (9.8%).
The actively managed CRE CLO has a three-year reinvestment period. ATLAS SP Securities served as the sole structuring agent of Greystone CRE Notes 2025-HC4. Wells Fargo Securities, Goldman Sachs and J.P. Morgan Securities served as lead managers and joint bookrunners. Natixis Securities Americas, UBS Securities, Capital One Securities and Huntington Securities, Inc. served as co-managers.
