Greystone has provided a $13,600,000 bridge loan for the acquisition of a 144-bed senior housing campus consisting of assisted living, memory care and skilled nursing in West Palm Beach, FL. The transaction was originated by Leor Dimant, Managing Director at Greystone, on behalf of long-standing senior housing group, Gold Standard of Care.
The property, located at 2090 North Congress Avenue in West Palm Beach, combines two senior living communities formerly known as Savannah Court, and a skilled nursing facility, Savannah Cove of the Palm Beaches. The assets were purchased from National Healthcare REIT (“NHI”). Greystone intends to transition the acquisition bridge financing to permanent HUD-insured financing.
“Greystone’s expertise in senior housing and healthcare, coupled with their industry-leading bridge-to-HUD platform for financing acquisitions, made it a simple choice to finance the purchase through them,” said Gold Standard of Care’s CFO, Rich Lecomte.
The sponsors, Ricki Kaneti of Colonial Assisted Living and Michael Verbitsky of Gold Standard Care are deeply rooted, senior living owner operators in Florida with a track record for stabilizing assets.
“Working alongside Ricki and Michael together with their teams at Gold Standard of Care on this transaction has truly been a pleasure,” said Mr. Dimant. “This group truly cares about their residents and communities, and it’s gratifying to help such high-quality sponsors in the healthcare business.”