Greystone Provides $10.4 Million Bridge Loan to Refinance Skilled Nursing Facility in New York State
Greystone has provided a $10.4 million bridge loan to refinance a 120-bed skilled nursing facility in Boonville, New York. The transaction was originated by Fred Levine, Managing Director on behalf of Sunset PropCo LLC and Sunset Operating LLC.
The $10,370,000 non-recourse bridge loan enables the owner to refinance existing recourse senior debt and continue to stabilize the SNF asset until it is ready for permanent financing with low, fixed-rate financing through FHA’s 232(f) program.
Sunset Nursing and Rehabilitation Center is a one-story brick facility built over three phases, in 1964, 1971, and 1985, which was renovated in 2008. The facility features 54 semi-private units and 12 private units with a total of 120 beds. Located in Boonville, 20 miles north of Rome, NY, Sunset Nursing and Rehabilitation Center is growing its occupancy and is the only nursing home in a 15-mile radius.
“It takes a very deep understanding of the skilled nursing industry to continue to lend in the era of the pandemic,” said Mr. Levine. “Greystone’s bridge lending group is stepping up its efforts to provide financing solutions to our borrowers so they can continue to focus on resident care.”