Greystone Secures HUD Refinance for Three Centers Health Care SNFs
Greystone got back in the game with a HUD refinance for three skilled nursing facilities in upstate New York. Fred Levine originated the transactions on behalf of the borrower, Bronx, New York-based Centers Health Care. The facilities include Ontario Center for Nursing and Rehabilitation in Canandaigua, Steuben Center for Nursing and Rehabilitation in Bath, and Corning Center for Nursing and Rehabilitation in Corning, all between Rochester and Elmira. They total 323 beds. Centers acquired the Bath facility from Steuben County in 2014 for $11 million, or $104,800 per bed, but it was built in 2008 for a total cost of $19.5 million. Centers Health Care also took over the 45-year... Read More »
Greystone Arranges HUD Construction Debt
Working through HUD, Lisa Fischman of Greystone facilitated construction financing for an assisted living community to expand its Buffalo, New York-area campus. Originally built in 2003 with 110 beds in 84 units, the community is located on a 20-acre campus. Onsite amenities including a theater, physician’s office and beauty salon certainly helped attract residents, and the community consistently boasted a waiting list. With that full occupancy, ownership decided to embark on an expansion that would feature 32 new assisted living units and 23,000 total square feet, including the expansion of the campus’ existing communal spaces, all at a cost of approximately $7.5 million, or $234,400... Read More »
SLIB Succeeds With Two Recent Closings
Senior Living Investment Brokerage announced two closings this week, one seniors housing and one skilled nursing. Starting with the SNF, Ryan Saul represented a private California-based owner in the sale of their 71-bed facility in Pekin, Illinois. A regional owner/operator with other facilities in Illinois paid $1.5 million or $21,100 per bed, for the property. Originally built in 1964, the facility was just 62% occupied at the time of the sale but boasted a 57% quality mix, including a 52% private pay census. Cash flow was negative at the time of the sale on nearly $4.24 million of revenues. The seller had inherited the day-to-day management of the facility from her late... Read More »
Greystone Funds Harbert’s Acquisition of California Community
Harbert Seniors Housing Fund II, L.P. has acquired a 134-unit senior living community in Rocklin, California thanks to a Fannie Mae financing arranged by Greystone. Built in 2015 and operated by Merrill Gardens, this community operated with independent living, assisted living and memory care units, with a licensed capacity of 142 residents. Merrill Gardens will be a joint venture partner in the community, in addition to continuing as operator. The $37 million structured adjustable rate mortgage loan comes with a 10-year term and five years of interest only. Read More »Schedule a demo
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