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NEW YORK—Greystone has provided $96 million in total HUD-insured financing on a portfolio of 11 Kentucky skilled nursing facilities, totaling 1,122 beds.
The 11 separate FHA loans, ranging from $3.6 million to $14.5 million, carry 35-year terms and 35-year amortizations. They have refinanced a bridge loan provided by Greystone for the acquisition of the facilities in 2017.
The transaction was originated by Fred Levine of Greystone. In prepared remarks, he said that Greystone's bridge-to-HUD capabilities allow skilled nursing investors to focus on completing an acquisition with a permanent exit plan already in place."
Separately, Greystone secured a $48 million Freddie Mac loan to refinance a seniors housing property in Peachtree Corners, GA, on behalf of Harbert Seniors Housing Fund I. The 10-year senior mortgage secures Village Park at Peachtree Corners, a 132-unit community providing independent living, assisted living, and memory care services.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
