Greystone announced it has provided a $29 million HUD-insured permanent loan for Sapphire Center for Rehab & Nursing of Central Queens, a skilled nursing facility in Flushing, New York.
In 2015, Greystone arranged a highly-leveraged Bridge-to-HUD loan to finance the acquisition and renovation of the 227-bed facility. The Bridge loan provided Sapphire Care Group a period of time to rebrand the facility and significantly improve operations to the point where it was ready for permanent financing with HUD.
Fred Levine, of Greystone’s Monsey, New York office, originated the Bridge, mezzanine and permanent FHA loan for Sapphire Center for Rehab & Nursing, and the most recent HUD-insured financing represents a permanent self-amortizing exit. The renovated Sapphire Center provides residents access to modern rehabilitation room and state-of-the-art therapy offerings.
“Our mission as a lender is to provide nursing home operators with affordable, long term permanent financing that enables them to focus on providing world class care for their residents without worrying about the financial markets,” said Mr. Levine, Managing Director, Greystone. “Borrowers appreciate our mission-driven focus, experience, and decades-long track record for closing these types of transactions,” he added.
“We strive to provide the highest levels of care for our residents. The Bridge loan allowed us to purchase a tired facility, renovate, add a modern rehabilitation center and completely rejuvenate the facility,” said Aryeh Platschek, Principal of Sapphire Care Group. “We chose Greystone as our lender because we knew of their track record for customer service and providing results,” he added.
“HUD’s mortgage insurance products for hospitals and nursing homes play a crucial role in providing quality health care to our seniors,” said Lynne Patton, HUD Regional Administrator for New York and New Jersey. “By reducing risk to lenders like Greystone and enforcing industry-leading underwriting standards, HUD is preserving and improving access to care in Queens.”