Greystone provided $12,750,000 in bridge financing for the acquisition of Highland Meadows Health & Rehab, a 120-bed skilled nursing facility in Rockwall, Texas. The financing was originated by DJ Elefant, Vice President at Greystone, on behalf of HACO Properties, LLC. Helios Healthcare Advisors served as the debt broker in the transaction.
The $12.75 million in non-recourse bridge financing from Greystone features a 24-month term with one 12-month extension option and is interest-only. Greystone has already begun working with the new owner to follow a path in exiting the interim financing with a long-term HUD-insured permanent loan.
The 5-star rated facility, operated by HACO Health Solutions, LLC, provides both private and semi-private residential units, as well as a number of amenities for its residents including a salon, dayroom, and library. Comprehensive therapy services available include in-patient offerings such as physical, occupational, and speech therapies, and specialized programs such as ortho, stroke recovery, post-surgical and cardiac rehabilitation.
“It is gratifying to help a committed and dedicated operator become an owner, and enable them to achieve their goals for growth,” said Mr. Elefant. “The improvement in quality of care and overall success that Highland Meadows has experienced since the borrower took on the operations in 2020– especially throughout the pandemic – has been impressive, and I’m thrilled for the future of the facility and all it offers to residents of Rockwall.”
“We are thrilled to have moved our HACO Health Solutions, LLC in the next best financial direction. We could not have asked for a better team to work with and are thankful to Greystone for the hard work and seamless transaction,” added Gracen Hawley, Co-Owner and Co-Operator of Highland Meadows.