Greystone Closes HUD Refinance For Large New York SNF
After working to close a $16.5 million HUD refinance for a 216-bed skilled nursing facility in Dunkirk, New York (Buffalo MSA) last month, Greystone’s Fred Levine closed another HUD loan for another large New York SNF. Located in Suffern, on the border with New Jersey, the facility consists of 203 beds and is the largest subacute care facility in Rockland County. Situated on six acres, it offers orthopedic rehab, cardiopulmonary rehab, wound care, concierge services and veterans programs, all under the management of CareRite Centers. To help fund renovations, and provide meaningful debt service savings, Mr. Levine arranged a $23.52 million HUD loan, with a fully amortizing 33-year... Read More »
The Ensign Group Receives $112 Million In HUD Financing
Lancaster Pollard recently assisted The Ensign Group in a large $112 million portfolio financing arranged through HUD. The 30- and 35-year term loans were secured by mortgages on seventeen Ensign-owned properties and came with low, fixed interest rates. Ensign will use the loan proceeds to pay down previously drawn amounts on its revolving credit line, and the financing provides the company liquidity on a portion of its owned real estate. The proceeds will also fund future acquisitions and renovations, as well as other working capital needs. The company’s acquisition appetite seemed to wane slightly towards the end of 2017 (five deals announced in the first six months, versus two in the... Read More »
Greystone Gets It Done
Aspens Senior Living partnered with Greystone to obtain construction financing for two of its latest seniors housing projects located in North Carolina and Arizona. First, to the Tar Heel state, where Aspens and joint venture partner Pennybacker Capital are currently building a 182-unit independent living community in Raleigh. A regional bank provided a $24.2 million loan to fund the construction. Then, in Gilbert, Arizona, Aspens, Pennybacker Capital and McFarlin Group are developing a 204-unit independent living community, with the help of a $25.8 million loan provided by a publicly traded bank and also arranged by Greystone. Greystone also snuck in a $16.5 million HUD loan arranged by... Read More »
Capital Funding Group’s Transaction Trifecta
Certainly ending the year on a strong note, Craig Casagrande of Capital Funding Group originated three transactions, totaling over $47 million. The largest of the loans, at $31.243 million, refinanced a bridge loan on a New York skilled nursing facility. CFG had closed the bridge loan at the end of 2016 to help the borrower recapitalize equity on what was an underleveraged facility, and simultaneously applied with HUD for a refinance, closing the transaction this October. Staying in New York, and with HUD, Mr. Casagrande originated a $9.843 million refinance for another skilled nursing facility in the state. And finally, CFG closed a bridge-to-HUD loan for a Pennsylvania SNF, totaling $6... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
