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Sentosa Set to Buy Coney Island Facility

NEW YORK CITY—The senior housing firm has lined up an almost $44 million HUD loan—instead of using bridge financing—from Greystone.

By Rayna Katz | Updated on December 30, 2014

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.

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