Greystone announced it has provided a $23,518,200 HUD-insured permanent loan to refinance The Willows at Ramapo Rehabilitation and Nursing Center, a subacute care and skilled nursing center in Suffern, New York. The transaction was originated by Fred Levine, Managing Director in Greystone’s Monsey, NY office.
The long-term FHA financing carries both a 33-year term and amortization period at a low, fixed rate. The refinancing generated significant proceeds used to renovate the facility and for meaningful debt service savings.
The Willows at Ramapo Rehabilitation and Nursing Center is situated on six landscaped acres. The Rehabilitation Pavilion at The Willows is the largest subacute community in Rockland County, featuring state-of-the-art rehabilitation seven days a week in a unique spa-like setting. The facility also offers orthopedic rehabilitation, cardiopulmonary rehabilitation, wound care, concierge services, and veterans programs.
“Institutions like The Willows at Ramapo improve public health and keep our economy humming,” said Lynne Patton, HUD Regional Administrator for New York and New Jersey. “HUD-insured financing from Greystone will free up resources for patient care and ensure The Willows remains a premier facility for the residents of Rockland County.”
“Today’s low interest rate environment, especially for HUD-insured loans, presented this opportunity for the facility to not only raise funds for additional renovations but also realize debt service savings,” said Mr. Levine.