Greystone has provided $43,880,000 in total HUD-insured financing for a trio of affiliated skilled nursing facilities in Upstate New York. The separate transactions were originated by Fred Levine of Greystone on behalf of Centers for Care.
The three facilities included in the financing package, which total 323 beds, include Ontario Center for Nursing and Rehabilitation in Canandaigua, NY; Steuben Center for Nursing and Rehabilitation in Bath, NY; and Corning Center for Nursing and Rehabilitation in Corning, NY. The $43.9 million in HUD-insured 232(f) financings carry extremely low interest rates with very long loan terms and amortization.
“Securing permanent financing with an FHA loan enables an owner to ensure long-term, low-rate financing for decades, so they can focus on the service they provide to their communities,” said Mr. Levine.