Greystone Secures Bridge Loan For SNF Campus in Pennsylvania
Greystone Managing Director Fred Levine recently provided a $15.8 million bridge loan for the acquisition of a skilled nursing, memory care and personal care campus in Erie, Pennsylvania. The purchase of Saint Mary’s East, now known as Nightingale Nursing and Rehab Center, was handled by Toby Siefert and Ryan Saul of Senior Living Investment Brokerage and made possible by a two-year floating rate, interest-only loan. Greystone plans to convert the debt to a permanent HUD loan. Six buildings house 139 skilled nursing beds (39 of which are reserved for memory care patients), 131 certified personal care beds, and 91 independent living units. The original St. Mary’s East building was... Read More »
Greystone Provides Financing for Three North Carolina SNFs
Greystone is back at it again, this time providing $36.5 million in HUD financing for three skilled nursing facilities in North Carolina. The deal takes out acquisition bridge debt that Greystone had previously arranged on behalf of the borrower for these facilities, using the firm’s non-recourse bridge lending program. Fred Levine originated the transactions. Carver Living Center in Durham is a 232-bed facility which offers both long and short-term care, as well as a memory care unit. This facility received $17.16 million in financing that carries a fixed, low interest rate over a 30-year term. It was built in 1990. Willow Ridge Rehabilitation and Living Center, located in Rutherfordton... Read More »
Greystone Secures HUD Financing in San Diego County
If you own an old seniors housing community in a good market, now is the time to refinance and make the necessary improvements before the next wave of demand hits. Otherwise, you may be left in the back of the line for customers. Perhaps this was the thinking of an owner in Escondido, California with a 105-bed assisted living and memory care community, that also offers short-term stays and was built more than 30 years ago. For skilled nursing, that is practically new, but for assisted living, it is becoming ancient. The owner turned to Leor Dimant, Managing Director at Greystone, to help consolidate some debt on the property and obtain additional funds for renovations and... Read More »
PGIM Provides Financing For Harrison Street Acquisition
The lending market came alive in the month of June, in tandem with the seniors housing acquisition spike. As such, PGIM Real Estate provided a $250.4 million fixed-rate, cross-defaulted and cross-collateralized loan to support Harrison Street’s acquisition of 12 of the 24 properties it bought for $1.2 billion. These 12 assisted living/memory care communities were owned by Gallaher Companies, with Oakmont Management Group as the operator. They total 1,118 units and are located in the San Francisco, Los Angeles, Ventura, Sacramento, Riverside, San Diego, Stockton, and Las Vegas metro areas. Greystone also placed financing for 16 of the 24 properties that were owned by both Gallaher and... Read More »Schedule a demo
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