Greystone has provided a $24.9 million HUD-insured loan to refinance a 120-bed skilled nursing facility in Yonkers, New York. The financing was originated by Fred Levine, Managing Director in Greystone’s Monsey, New York office, for L&A RE Acquisition, LLC. Shia Fishman of Capital Stack Advisors acted as correspondent on the financing.
The $24,918,800 HUD-insured financing reduces the repeat borrower’s interest rate and extends the term and amortization of the loan overall. Built in 2000, Adira at Riverside offers a certified respiratory and ventilator unit, short-term rehabilitation, occupational, physical & speech therapy, amputee rehab, wound care, neuro-rehabilitation, certified cardiopulmonary rehabilitation, long-term skilled nursing care, dedicated Alzheimer’s and dementia care units, as well as stroke & TBI rehabilitation. Amenities at the facility include a modern fitness facility, concierge, and a range of recreational activities for residents.
“We’re always pleased when we guide our clients successfully through the financing process. Reducing interest rates and extending amortization periods result in immediate debt service savings for a borrower,” said Mr. Levine. “Our clients appreciate that we are constantly on the lookout for opportunities to help them improve their financing and cash flow and appreciate the service we provide.”