New York Nursing Facilities Receive $100M in HUD-Insured Loans
Greystone arranged the financing for Centers Health Care’s properties in the Bronx in New York City and in Buffalo.
NEW YORK CITY—Centers Health Care has received a total of $100,750,100 in HUD-insured loans to refinance senior housing properties in New York. The two transactions financed skilled nursing facilities, one in the New York City borough, the Bronx, and the other upstate in Buffalo. The New York City-based health facility company owns and operates approximately 50 nursing homes across five states.
Fred Levine, managing director in Greystone’s Monsey, NY office negotiated the financing.
A $71,778,000 HUD-insured loan was provided for the Triboro Center for Rehabilitation and Nursing, located at 1160 Teller Ave. in the Bronx. The facility comprises 405 skilled nursing beds and 70 assisted living beds. The 35-year loan, at a rate in a range under 4%, will be used to refinance the existing debt and to renovate portions of the facility.
A $28,972,100 HUD-insured loan was provided for a 200-bed skilled nursing facility, the Buffalo Center for Rehabilitation and Nursing. It is located at 1014 Delaware Ave. in Buffalo, NY. This transaction was a bridge-to-HUD loan. Greystone funded the acquisition of the facility with its non-recourse bridge loan platform and then completed a permanent exit with HUD’s 35-year, low financing at a range under 4.5%. A portion of the loan proceeds also will be used to renovate the property.
“Our team has a tremendous track record for executing these transactions,” says Levine, “I’m grateful for the trust the borrowers place in us, and for the incredibly talented team at Greystone that delivers time and time again.”