Greystone Closes Financing for Two Senior Housing Properties in D.C. Suburbs
Greystone placed financing for a 280-unit senior housing portfolio in the Washington, D.C region. The refinance for the two communities was handled by Cary Tremper, Tyler Armstrong, and Greystone’s Senior Housing Capital Markets Team on behalf of Harrison Street and Palomino Capital.
The floating rate financing for both properties, closed with a large regional bank in the Southeast, provides a 5-year term. The first community, located in Virginia 30 minutes outside of Washington D.C., comprises 103 units of assisted living and 37 units for memory care residents. The second community, located in Maryland, comprises 106 units of assisted living and 34 units for memory care residents.
“We are gratified by the outcome for Harrison Street and Palomino Capital, and thrilled we were able to close on a satisfying capital solution for their growing portfolio,” said Cary Tremper, head of Greystone’s Senior Housing Capital Markets Team.
”Greystone once again helped us close the best-fitting finance solution for our needs in this latest transaction,” said Ben Mohns, Senior Managing Director at Harrison Street. “I’m impressed by Cary and his team’s reach in the finance universe for senior housing investors, and we look forward working together again on future transactions.”