Greystone provided a $32,616,000 HUD loan to refinance a 480-bed skilled nursing facility in Bronx, NY. The transaction was originated by Fred Levine, a senior mortgage originator at the firm.
The $33 million in FHA financing was provided for Bay Park Center for Nursing and Rehabilitation, a nursing home and rehabilitation center located on Co-op City Boulevard. Greystone previously provided financing for 801 Co-op City Blvd’s acquisition of the facility with a bridge loan in 2008 and permanent HUD loan in 2009, now refinanced with this latest transaction. The facility is part of the SentosaCare Network in New York.
“Greystone’s knowledge, staff stability and experience in financing for the skilled nursing industry is unparalleled,” said Ben Philipson, President of SentosaCare. “We are thrilled to have been able to work with the same team from the acquisition bridge loan to the HUD takeout and now the refinancing. The Greystone team is familiar with our properties and is always bringing money saving ideas to our attention,” he added.
“Having repeat transactions with clients such as SentosaCare is a testament to our team’s ability to navigate the highly complex HUD lending landscape,” said Betsy Vartanian, head of FHA lending at Greystone. “Refinancing in today’s market will certainly benefit Bay Park Center for Nursing and Rehabilitation and its residents for years to come,” she added.