Greystone Refinances New Hampshire Assisted Living Portfolio for $23.8 Million
Greystone has provided $23.8 million in HUD-insured loans to refinance a trio of assisted living facilities in New Hampshire. The Interest Rate Reduction (IRR) transaction was originated by Lisa Fischman, vice president in Greystone’s New York office, on behalf of family-owned The Courville Company.
The refinanced properties include Courville at Manchester; Courville at Carlyle Place; and Courville Nashua & Aynsley. The IRR reduces the interest rate on an existing HUD-insured loan, maintaining the existing maturity and loan amount.
“An IRR is a good option for mortgagors who have held their asset since before rates dropped earlier this year,” said Ms. Fischman. “At Greystone, we are continually seeking ways to help our clients leverage market dynamics so they can optimize their real estate portfolios, and an IRR is especially valuable in the assisted living and skilled nursing markets, which are under intense fiscal pressure today dealing with COVID-19.”
“The prospect of reducing the debt service with an IRR was made simple with Lisa’s guidance; it was completed in just a couple of weeks and the savings were significant,” said Ms. Paulette DiDomenico, controller, The Courville Company. “We want to ensure we are operating as efficiently and carefully as possible while providing the highest-quality care to our residents during the pandemic, and this transaction has helped our group immensely during these tough times.”