Greystone Provides $10.3 Million in HUD-Insured Financing for Iowa Assisted Living Facility
Greystone has provided a $10,275,000 HUD-insured loan to refinance a 110-bed assisted living facility in Marshalltown, Iowa. The transaction was originated by Eric Rosenstock, Managing Director, and Jesse Yodice, Vice President, both of Greystone, on behalf of The Willows of Marshalltown LLC.
The $10,275,000 HUD-insured Section 223(a)(7) financing carries a 40-year term and amortization, along with a low, fixed interest rate. The 80% LTV loan reduces the property’s debt service and enables the borrower to continue with ongoing property maintenance.
The Willows of Marshalltown in Marshall County was constructed in 2018 and offers daily living support and a 24-hour memory care unit. Set across 12 acres in rural Iowa, the community offers residents on-site activities and amenities such as a private dining room, movie theater, game room, exercise room and spa, as well as a beauty salon and barber shop.
“We were able to refinance quickly and at an incredibly low rate, thanks to Greystone,” said Ben Daniels, principal of The Willows of Marshalltown. “With Greystone as our trusted partner, we were able to stay focused on providing our residents with high quality care, while they handled our financing needs seamlessly.”
“We are passionate about leveraging our deep lending platform to help people have access to quality homes and healthcare services,” said Mr. Eric Rosenstock. “As the market continues to evolve, we are dedicated to finding the right products for our clients and executing on their transactions seamlessly so they can maximize the potential of their real estate portfolios.”