Greystone has provided a $17.3 million HUD-insured loan to refinance a 214-bed skilled nursing facility in Nassau County, Long Island, New York. The financing was originated by Fred Levine, Managing Director in Greystone’s New York office.
The $17,349,000 HUD-insured Section 223(a)(7) financing carries a 30-year term and 30-year amortization, along with a low, fixed interest rate. The state-of-the-art facility for advanced rehabilitation and nursing, located on Long Island’s North Shore, was built in 1972. The facility serves those who require complex medical care, cardiac care, post-surgery orthopedic rehabilitation and physical and occupational therapy.
“We reduced the borrower’s interest rate, extended their amortization period, and raised significant funds to renovate the facility. Additionally, we refinanced and funded renovations while reducing their debt service payments. This transaction was a win-win for the borrower overall,” said Mr. Levine.