Greystone provided a $22,500,000 bridge loan to refinance a 96-bed assisted living facility in Anchorage, Alaska. The transaction was originated by Stella Plotkin, Vice President in Greystone’s New York office, on behalf of Spring Creek Holdings LLC.
The floating rate, interest only-bridge financing from Greystone features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. Completed in 2019, Aspen Creek Senior Living is an assisted living and senior care facility consisting of 96 beds in total, with 21 beds designated for memory care residents. The financing retires the existing loan from the property’s initial construction and enables the borrower to continue with ongoing renovations, including the completion of the secured memory care wing.
“Greystone’s bridge-to-HUD process is meant to help our clients get the flexibility they need throughout the various stages of their facility’s life cycle,” said Ms. Plotkin. “Our in-depth knowledge of the senior care space means that we truly understand the nuances of each transaction and work to execute a seamless close of the right financing solution for every property in our clients’ portfolios.”
“We’re thrilled to have Greystone helping us bring our full vision for this property to life and serve the senior residents of our community during the pandemic,” said Mr. Doug Clegg, principal of Spring Creek Holdings. “The care and attention that our Greystone team paid to every detail of this transaction was exceptional, and we look forward to working with them in the future.”