NEW YORK CITY—Greystone has provided a nearly $44 HUD loan for the acquisition of a 360-bed skilled nursing facility in the Coney Island section of Brooklyn. The transaction was originated by Fred Levine, a senior mortgage originator at the firm.
The FHA financing was provided for Shorefront Center for Rehabilitation and Nursing Care, a nursing home and rehabilitation center on Coney Island's famous boardwalk. The terms of the non-recourse loan include a fixed low interest rate for 35 years. The facility now becomes part of the growing SentosaCare Network in New York.
“I'm thrilled to add this quality facility to our portfolio of healthcare facilities,” says Ben Philipson, president of SentosaCare. “After many successful healthcare finance transactions with Greystone, the one constant I can always depend on is having a highly skilled and responsive team to help grow my business. By going straight to HUD for the acquisition, I was able to avoid the additional step and associated costs of securing a bridge loan first.”
Adds Betsy Vartanian, head of Greystone's FHA healthcare lending team, “While a skilled nursing facility acquisition with HUD can often be challenging due to extended timelines, we were able to work closely with SentosaCare and the seller to close in a timely fashion and realize the benefits of long-term, low rate FHA financing. Shorefront's residents, staff and the broader Coney Island community will certainly benefit from this acquisition for many years to come."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
