Greystone Refinances Queens Facilities
Greystone seems to have specialized in Queens financings, as the firm went back to the New York borough to close two more HUD loans for a couple of large skilled nursing facilities. This summer, Fred Levine, working out of the firm’s Monsey, New York office, arranged a $60 million HUD refinance for a 302-bed SNF and a $29 million HUD loan to refinance a 227-bed facility. He didn’t stop there, however, and originated nearly $55 million in HUD financing for two other SNFs. First, Mr. Levine originated a $21.92 million loan for a 298-bed facility that offers short-term rehab, long-term care, bariatric weight loss services (a specialized 90-day in-patient program with both counseling and... Read More »
Greystone Centers In On Brooklyn
Six years since being acquired by Centers Health Care (then Centers for Specialty Care), a 510-bed skilled nursing facility in Brooklyn, New York is refinancing through HUD with the help of Greystone’s Fred Levine. The transaction comes at a good time for the facility, which has significantly improved its operations since Centers took over in 2011. The company has so far invested over $20 million in renovating the facility, which now maintains a five-star rating from CMS. Built in 1973, it is 97% occupied with a 49% Medicaid, 25% Medicare and 26% private pay census. Its services are comprehensive as well, including amputee recovery and training, cardiac care, palliative care, dental... Read More »
Two Years After Acquisition, Queens SNF Refinances with Greystone
Greystone just couldn’t get out of Queens this summer (must have hit the Van Wyck). After providing nearly $60 million in HUD financing for a 302-bed skilled nursing facility in the borough last month, Fred Levine of Greystone’s Monsey, New York office closed yet another transaction for a Queens SNF. Located in Flushing, the facility features 227 beds and was recently renovated to include a brand-new rehab room and therapy offerings. It was acquired in 2015 by Sapphire Care Group, with the help of a highly-leveraged bridge-to-HUD loan arranged by Greystone too. With the renovation completed and operations improved, the owner sought to refinance with a $29 million HUD loan, originated by... Read More »
Ziegler’s June Surge
Ziegler impressed in June, closing over $350 million in tax-exempt bond financing for two CCRC clients. Buckner Senior Living was on the receiving end of the larger closing, a $232.5 million fixed-rate bond issuance to fund the development of its 325-unit entrance fee CCRC in the North Park neighborhood of Dallas. The luxury community is expected to cost around $136 million to build, or about $418,000 per unit. With that high cost comes a number of amenities like a roof-top garden, top-floor “Sky Lounge,” heated indoor pool and a salon/spa, among others. Placed on a three-acre parcel, the community will feature 189 independent living, 38 assisted living, 26 memory care, 48 skilled nursing... Read More »Schedule a demo
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