Greystone Finances Southeast SNF Portfolio Acquisition
Fred Levine of Greystone successfully arranged bridge financing for the acquisition of seven skilled nursing facilities in the Southeast. Totaling 874 beds, the facilities are located in North Carolina (6) and Kentucky. Their new owner obtained a $71.92 million bridge loan with a 24-month term, two six-month extensions and no prepayment penalty. Greystone expects to eventually refinance the loan through HUD. Read More »
Greystone Refinances on the Jersey Shore
It was a team effort from Greystone to successfully close a Fannie Mae refinance of an assisted living community on the New Jersey Shore. Working on behalf of the borrower, Sage Healthcare Partners, Greystone’s DJ Elefant originated the $24 million loan, with Neal Raburn providing support in structuring, underwriting and closing the transaction. The 10-year loan (with a 20-year amortization and two years of interest only) replaces the original bridge loan provided by Greystone to enable Sage Healthcare Partners to acquire the property in 2017. Originally built in 1949 and renovated in 1997, the six-story community also had one floor converted to memory care in 2010. Back then, it was owned... Read More »
Greystone Refinances SentosaCare’s Southampton SNF
Five years have passed since Greystone arranged a $54.5 million acquisition bridge loan for SentosaCare to purchase a 280-bed skilled nursing facility in Southampton, New York. That means it’s time for a refinance, which Fred Levine obliged by arranging a $58.8 million HUD loan with a 35-year term ($210,000 per bed). Located on nine acres on the affluent South Fork of Long Island, the facility provides both short-term and long-term care services. There are also two separate secure Alzheimer’s/dementia care units. Read More »
Avalon Senior Living Grows
Avalon Senior Living has partnered again with Eastridge Pacific Holdings, LLC (EPH), this time buying three senior living communities in California from HCP, Inc. that had been leased to Brookdale Senior Living. The 205 units (210 beds) offer independent living, assisted living and memory care services. The purchase price was $15.7 million, or $76,585 per unit, and came with an approximate cap rate of 8.0%. Mike Garbers, formerly of Greystone and now with JLL, represented the seller, and MidCap Financial provided the mortgage financing. Eastridge Pacific entered the senior living industry in 2016 as an equity partner in Kalakaua Gardens, a 17-story community in Honolulu with 216 beds. It... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
