Greystone celebrated the grand opening of Netherbay at Bay Shore, a state-of-the-art assisted living and memory care community now located at the historic Gulden family’s summer homestead on Long Island.
The $26 million, 40-year, construction-to-permanent HUD-insured loan was provided by Greystone, originated by Managing Director Lisa M. Fischman in 2023. This financing was the only healthcare construction loan in the United States approved by HUD in 2023.
Netherbay at Bay Shore Assisted Living and Memory Care Community in Suffolk County includes 72 individual rooms dedicated to Memory Care and advanced Assisted Living residents. The community is operated by Meridian Senior Living and offers residents amenities such as boutique communal dining and lounging spaces, an outdoor garden and walking area, a pavilion for outdoor entertainment, and on-site recreational spaces. Located in the heart of bustling Bay Shore, Netherbay is near Lawrence Lake, the marina, between Good Samaritan University Hospital and South Shore University hospital, local shops and bakeries.
With construction complete, the $26,074,800 HUD-insured financing converts to a 40-year, fully amortizing, non-recourse, fixed, low-rate loan.
“We’re delighted the doors are open at the state-of-the-art Netherbay at Bay Shore, bringing essential senior living and memory care services to this vibrant town,” said Ms. Fischman. “My Greystone team and our representatives at HUD persevered through the COVID-19 pandemic and a complex financing environment and now celebrate the realization of the vision of Messrs. Racanelli and Ferraro, who remain firm in their promise to provide exceptional care and services to the Netherbay family in a beautiful, historic neighborhood.”
“Our commitment to the residents of Netherbay at Bay Shore is paramount,” said Mr. Ferraro, principal of the borrower. “We, along with the Meridian Senior Living team, look forward to providing our new community with the highest levels of care in an idyllic setting on Long Island’s south shore.”