Greystone has provided a total of $35,740,00 in HUD-insured loans to refinance two Supportive Living Facilities (SLF) in Illinois. The financing was originated by Eric Rosenstock, Managing Director at Greystone, on behalf of Grand Lifestyles.
Illinois developed the Supportive Living Program as an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing. Greystone’s HUD-insured non-recourse loans both carry 35-year terms, full-term amortization, and low, fixed rates. The two SLF properties consist of a total of 272 units between the two buildings, built in 2004 and 2005.
“Having led several Supportive Living Facility financing transactions in Illinois over the past few years, I have developed a particular expertise in this asset type, which is a unique combination of much-needed services and amenities in an affordable housing environment,” said Mr. Rosenstock. “Greystone’s HUD-insured financing solution is an ideal long-term solution for the Supportive Living asset class, benefiting the property and residents for years to come.”