Greystone has provided an $8 million HUD-insured loan to refinance a 90-bed skilled nursing facility in Plainfield, Connecticut. The transaction was originated by Lisa Fischman of Greystone.
The $8,008,000 permanent FHA financing carries a 35-year term and 35-year amortization along with a low, fixed rate. Greystone provided a bridge loan to the borrower to acquire the facility earlier in 2019.
The family-owned and operated Colonial Health & Rehab Center of Plainfield offers long- and short-term skilled nursing and rehabilitation services, as well as respite, hospice and palliative care. The facility also offers recreational and lifestyle amenities on-site to its residents.
“One of the key benefits of our seamless bridge-to-HUD platform is our ability to move our clients quickly from the initial acquisition into permanent financing,” said Ms. Fischman. “We are thrilled with the final outcome and look forward to Colonial Health’s continued success serving its local community.”
“It was a pleasure working with the team to finalize the transition of our bridge loan to HUD,” said Curtis Rodowicz, co-owner and administrator of Colonial Health & Rehab. “This strategic financing places us in a financially secure position for years to come. We are grateful for the diligence and hard work of all the vendors, partners, and friends we made along the way that assisted in the comprehensive package that was approved. Colonial Health & Rehab looks forward to expanding with future growth opportunities in our neighboring communities.”
Co-owner Robert Darigan added, “We know that we have a financing partner in our corner that believes in us and us in them.”