Greystone announced it has provided $15,000,000 in bridge financing for the acquisition of two skilled nursing facilities in Youngstown, Ohio. The loan was originated by Fred Levine, managing director in Greystone’s Monsey, NY office.
The acquisition was financed with a Greystone bridge loan – a platform for which Greystone recently expanded capacity to over $2.5 billion – and is non-recourse, which is unique in the healthcare bridge loan space. The $15 million bridge loan carries an initial term of 24 months with two six-month extensions, and has a floating interest rate with interest-only payments.
The properties, Beeghly Oaks Center for Rehab and Healing and Oasis Center for Rehab and Healing, have undergone significant renovations and offer subacute care, skilled nursing, pulmonary care, wound care, orthopedic rehabilitation, veterans program, concierge services and outpatient therapy. The Beeghly Oaks Center has a dialysis unit, and the Oasis Center offers diabetic management and a Parkinson’s program for residents and non-residents.
“The borrower was seeking non-recourse bridge financing and Greystone’s bridge loan platform was a perfect fit, as most other programs involve recourse,” said Mr. Levine. “We look forward to working closely with the facility’s new owners on the permanent HUD financing takeout in the near future.”