Greystone provided a $24 million HUD-insured loan to refinance a skilled nursing facility (SNF) property in The Bronx, New York. The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, NY office, on behalf of Eastchester Realty Associates.
The non-recourse $23,904,000 permanent FHA financing of the 200-bed Eastchester Rehab & Health Care Center, carries a low, fixed interest rate and 30-year term and amortization. Eastchester Rehab & Health Care Center provides a full continuum of care, from temporary respite services to long-term skilled nursing care, with a respiratory unit, memory care and short-term rehabilitation. A portion of the loan proceeds will go toward completing renovations to the facility, which was built in 1967.
“We strive to make the process of securing HUD financing as easy as possible,” Mr. Levine. “We know what it takes to get skilled nursing facility owners the financing terms they need and work to execute these transactions quickly and seamlessly for a best-in-class experience every time.”