Greystone has closed a $425 million CRE CLO that is backed exclusively by bridge loans provided by Greystone Monticello on healthcare-related properties.
The transaction marks Greystone's sixth overall CRE CLO and the industry's third-ever CRE CLO composed solely of healthcare assets, particularly skilled nursing, assisted living, memory care, and independent living facilities, the first two being closed by Greystone in 2018 and 2021.
The collateral pool for this latest healthcare CLO comprises 13 whole loans and 9 participations totaling $397 million that Greystone originated, secured by mortgages on 51 properties in 19 states. Skilled nursing properties make up a majority of the portfolio, with 76.5%, followed by assisted living, with 8.7%. Greystone will invest the remaining $28 million of CRE CLO proceeds over the next 180 days into comparable mortgage loan assets. This actively managed CRE CLO has a 2-year reinvestment period.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.