Greystone has provided a $20,388,100 HUD-insured loan to refinance an assisted living facility in San Diego, California. The loan was originated by Leor Dimant, Managing Director at Greystone.
The non-recourse, permanent FHA loan features a low, fixed interest rate and 35-year term and amortization. Loan proceeds are being used to consolidate existing debt obligations on the property, and will enable the borrower to continue with renovations and ongoing maintenance.
Located in Escondido and originally built in 1989, the 105-bed facility offers assisted living, memory care and short-term stay services. Each of the property’s seven buildings features studio and two-bedroom residential units with private, roll-in showers, as well as a common living room, dining room, a private room for overnight caretakers and laundry facilities on site. The property is located in a suburban neighborhood near several major medical centers, houses of worship, retail shopping and downtown Escondido, with the area’s major thoroughfares offering easy access to Interstate 15.
“We know that clients trust us to find the right solutions for their portfolios, so there is no greater ‘thank you’ than when they come back to us again and again,” said Mr. Dimant. “Greystone’s tenure and expertise in the senior care space, including assisted living facilities, coupled with our extensive multifamily lending platform, enables us to deliver a service experience for our clients that is unparalleled in this industry.”