Greystone announced it has provided a $31,500,000 bridge loan for four skilled nursing facility (SNF) properties located across Texas. The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, NY office.
The non-recourse $31.5 million bridge loan carries an initial term of 24 months with two six-month extension options, as well as a floating interest rate and interest-only payments for the entire term. Greystone is also underwriting a permanent HUD 232 loan for the properties, which is expected to close within 9 to 12 months.
Loan proceeds are being used to refinance Heritage Oaks Residence & Rehabilitation Center, a 204-bed SNF located at 112 Gibbins Road in Arlington, and the 202-bed Quality Care of Waco, located at 2501 Maple Avenue in Waco, in order to expand each facility’s clinical services.
Additionally, two SNFs in Coryell County are being acquired: the 186-bed Westview Manor & Rehabilitation Center, located at 414 Johnson Drive in McGregor, and the 112-bed Galleria Residence & Rehabilitation Center, located at 2808 Stoney Brook Drive in Houston.
“As industry pioneers, Greystone is considered a leader in the bridge-to-HUD loan process. Our in-house bridge loan program is non-recourse, which is quite unique in the healthcare bridge loan world,” said Mr. Levine. “We continue to see demand for bridge-to-HUD executions. Our successful track record in this area continues to attract borrowers.”