Greystone Provides $23.8 Million in HUD-Insured Financing for Not-for-Profit Healthcare Campus in Elkhart, Indiana
Greystone provided a $23.8 million HUD-insured loan to refinance a newly-expanded 220-unit seniors housing and healthcare services campus in Elkhart, Indiana. The financing was originated by Lisa M. Fischman, Vice President in Greystone’s New York office on behalf of non-profit Hubbard Hill Retirement Community.
Located on 70 acres in Indiana, Hubbard Hill is a faith-based, non-profit, continuing care retirement community with independent living, assisted living, long-term skilled nursing & short-term rehab, and the groundbreaking Living Wisdom Center for Dementia. Residents of the sprawling wooded property have access to the community’s 2-acre Sr friendly park with waterfalls and stocked ponds, gorgeous courtyards and trails throughout campus, a wellness center, 150 seat chapel, and 2 restaurant style dining venues and Bistro.
The $23,862,700 HUD-insured section 223(a)(7) loan, which refinances the skilled nursing, assisted living, and memory care portion of the Hubbard Hill campus, carries a 30-year term with a low, fixed interest rate. This permanent financing represents a refinance of a previous HUD loan and higher-rate construction financing used for an extensive expansion. As a result of Greystone’s execution, Hubbard Hill projects $280,000 in annual savings, in addition to reducing reserve escrows for the non-profit.
“This was a very unique challenge, so we built the solution from scratch. HUD approved the process every step of the way,” said Ms. Fischman. “My team at Greystone is highly trained with a wealth of experience. This allows us to tailor solutions for each client, in our efforts to always exceed their expectations.”
“Greystone’s commitment to service was evident during this transaction, which was nothing short of a miracle,” said Mr. Patrick Pingel, CEO at Hubbard Hill. “The ingenuity that the team exhibited truly astounded us, and the outcome will result in savings for our organization over time that can be passed directly to the care we provide to our residents. We are thrilled that Lisa and the Greystone team went above and beyond to ensure our operation can thrive for the long-term.”