NEW YORK CITY – Greystone, a commercial real estate lending, investment and advisory firm, has lent a $71.3 million HUD-insured loan to refinance a family-owned skilled nursing facility in Long Island, New York called the Massapequa Center Rehabilitation & Nursing.
The $71.28 million permanent FHA financing enables the borrower to exit an initial bridge loan used for the purchase in November 2017 and to continue with large scale renovations. The new financing has a 30-year term and 30-year amortization along with a low, fixed-rate.
"I'm excited that we were able to provide the liquidity needed to help the Massapequa Center provide spectacular nursing care in a beautiful environment," said Fred Levine of Greystone in a prepared statement.
Built in 1974, the Massapequa Center has undergone $8.5 million in facility upgrades, including the installation of private suites with private showers, the addition of a new commercial kitchen, the creation of a large rehabilitation and wellness center, and comprehensive renovations to the entrance lobby, nurse stations and geriatric units.
As a family-owned and operated rehabilitation center, Massapequa Center offers long- and short-term care, adult daycare and dementia care, as well as a stroke rehabilitation center. It's known for its exclusive therapy programs, with recreational and lifestyle amenities available on-site to its residents.
"We chose Greystone because their dedication to service mirrors our own: we treat our residents like family and will do whatever it takes to provide them with the best care," said Bernie Fuchs, president, and patriarch of the family. "Every resident here knows that they will be treated as I would want my mom to be treated," said Joel Edelstein, CEO of Massapequa Center, in a prepared statement.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
