Greystone has provided a $15,800,000 million bridge loan for the acquisition of a skilled nursing, memory care, and personal care campus in Erie, Pennsylvania. The financing was originated by Fred Levine, Managing Director at Greystone.
The purchase of Saint Mary’s East renamed Nightingale Nursing and Rehab Center, was secured by a short-term two-year floating rate, interest-only loan, which Greystone will work to transition to permanent HUD-insured financing. The complex includes six buildings comprising 139 skilled nursing beds, of which 39 are for a dedicated for Memory Care residents; 131 licensed personal care beds; and 91 residential living units.
“This is the first step in the bridge-to-HUD process and a continuation of our commitment to provide liquidity to healthcare providers,” said Mr. Levine.
“We see a lot of potential in the former St. Mary’s East campus, partially due to the large number of private resident rooms,” said Dov Braun, Key Principal of the borrowers. “Implementing our operational plans and enhanced resident care programs to continue and build on Saint Mary’s reputation of exceptional resident care is our priority.”