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Sapphire Center in Queens Lands $29M in Financing

The new financing replaces a highly-leveraged bridge to HUD loan in 2015 provided by Greystone to the Sapphire Care Group to acquire the 227-bed skilled nursing facility.

By John Jordan | johnjordan | Updated on July 13, 2017

The Sapphire Center for Rehab & Nursing is a 227-bed skilled nursing facility in Flushing, Queens. The Sapphire Center for Rehab & Nursing is a 227-bed skilled nursing facility in Flushing, Queens.

NEW YORK CITY—The ownership of the Sapphire Center for Rehab & Nursing in Flushing, Queens has secured a $29-million HUD-insured permanent loan provided by Greystone after completing renovations at the property it acquired about two years ago.

The new financing replaces a highly-leveraged bridge to HUD loan in 2015 provided by Greystone to the Sapphire Care Group to acquire the 227-bed skilled nursing facility. The bridge financing also offered the new ownership time to rebrand the facility and significantly improve the facility’s operations, Greystone reports.

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