Greystone has provided a $22.2 million HUD-insured loan to refinance a 127-bed skilled nursing facility in Cortlandt, New York. The financing was originated by Fred Levine, Managing Director in Greystone’s Monsey, New York office.
The $22,217,200 permanent FHA refinance carries a low, fixed interest rate and 35-year term and amortization. The non-recourse loan refinances and consolidates the asset’s existing debt and enables the borrower to continue making ongoing improvements to the property.
Originally built in 1984, the Yorktown Rehabilitation & Nursing Center is a three-story building set in a park-like campus with 127 beds offering comprehensive, short- and long-term rehabilitation, and high-level post-acute care services. The facility provides physician services and complex medical care, in addition to occupational therapy, physical therapy, cardiac therapy, speech therapy, post-surgical orthopedic care, stroke recovery, hip repair/joint replacement recovery, amputee recovery and training, off-site dialysis, bariatric rehabilitation, wound care, and IV antibiotic therapy. Residents enjoy amenities such as personal concierge services, community sitting and media rooms, therapeutic recreation, a beauty salon and barber services, daily laundry and housekeeping, and counseling and support. Located within a 15-mile radius of three acute-care hospitals, the property is also near three assisted living facilities, and close to neighborhood commercial services and medical centers.
“The HUD 232 program remains the gold standard in financing for skilled nursing home operators. We work diligently to bring clients to this platform,” said Mr. Levine. “The success of our time-tested HUD transaction process is evidenced by our long-standing client relationships -- clients keep coming back to Greystone because they appreciate the service, level of expertise and experience our team brings to every transaction.”