Greystone has provided $41,000,000 in bridge financing to Oxford Capital Group for the acquisition of six assisted living facilities totaling 372 beds in Minnesota. The financing was originated by Greystone Managing Director Christopher Clare.
Greystone’s $41,000,000 interest-only non-recourse bridge loan carries a 24-month term with two six-month extension options. The acquisition financing for the properties located in the Minneapolis area and northern Minnesota enabled the borrower to close the transaction and begin working with Greystone on securing permanent HUD-insured financing.
“Greystone’s bridge platform is an ideal solution for completing an acquisition, setting the borrower up for success as we begin down the path toward long-term FHA financing,” said Mr. Clare. “It is our mission to help our clients achieve both their short-term goals with acquisitions and longer-term goals of optimizing those assets with lower-rate, long-term financing solutions, all of which we have here in-house at Greystone.”
Greystone’s David Young, Ryan Harkins, Ben Rubin, Parker Nielsen, and Liam Gallagher assisted on this transaction.