Greystone announced it has provided a $16,500,000 HUD-insured permanent loan to refinance Chautauqua Nursing & Rehabilitation Center, a skilled nursing facility in Dunkirk, New York. The transaction was originated by Fred Levine, Managing Director in Greystone’s Monsey, NY office.
The long-term FHA financing represents a permanent exit from a bridge loan provided by Greystone in 2015 for acquisition of the property by VestraCare. The HUD-insured loan carries a 33-year term and amortization at a low, fixed rate.
Chautauqua Nursing & Rehabilitation Center is a 216-bed skilled nursing facility located on Lake Erie in close proximity to State University of New York at Fredonia. The healthcare facility provides a range of services including rehabilitation services such as physical, occupational, and speech therapy, as well as memory care, music therapy, palliative care, respite and hospice services.
“FHA-insured financing enables lenders like Greystone to make critical investments in facilities that improve public health and serve vulnerable populations including seniors,” said Joan Spilman, Director of HUD’s Buffalo Field Office. “The Chautauqua Nursing & Rehabilitation Center is a great example of how public/private partnerships are revitalizing upstate communities.”
“VestraCare took on Chautauqua when it was a non-performing asset, they invested in the facility, and brought it up to the standards that HUD looks for when providing its long-term, low-rate financing,” said Mr. Levine.