Greystone provided a $22,500,000 bridge loan to refinance a 96-bed assisted living facility in Anchorage, Alaska. The transaction was originated by Stella Plotkin, Vice President in Greystone’s New York office, on behalf of Spring Creek Holdings LLC.
The floating rate, interest only-bridge financing from Greystone features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. Completed in 2019, Aspen Creek Senior Living is an assisted living and senior care facility consisting of 96 beds in total, with 21 beds designated for memory care residents. The financing retires the existing loan from the property’s initial construction and enables the borrower to continue with ongoing renovations, including the completion of the secured memory care wing