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Greystone Provides $29 Million in HUD-Insured Financing for Skilled Nursing Facility in Tucson, Arizona

June 24, 2024

Greystone Provides $29 Million in HUD-Insured Financing for Skilled Nursing Facility in Tucson, Arizona

Greystone has provided a $29,432,000 HUD-insured loan to refinance a 240-bed skilled nursing facility in Tucson, Arizona. The financing was originated by Eric Rosenstock, Senior Managing Director at Greystone, on behalf of Sapphire of Tucson Properties, LLC.

Sandstone of Tucson Rehab Centre in Pima County is a long-term skilled nursing and post-acute rehabilitation facility that includes 127 units, consisting of 43 private and 84 semi-private rooms. The facility offers 24-hour skilled nursing, post-acute care and specialized programs, including orthopedic and comprehensive rehabilitation, ventilator care, behavioral health services and chronic disease management. The permanent FHA loan carries a 35-year term and amortization.

“We lean into our deep industry expertise so our clients can reap the benefits of permanent FHA financing, which is a highly attractive long-term financing option for skilled nursing home operators,” said Mr. Rosenstock. “Greystone’s time-tested HUD platform and process helps our clients to provide quality housing and care to their residents.”

“Greystone’s extensive experience in the skilled nursing space was clearly evident as they worked diligently to secure us the right terms for this facility,” said Mr. Elisha Atkin, principal of the borrower. “The level of care and attention to detail we enjoyed from our team made us feel like we had a true partner throughout the process.”