Greystone provided $6,960,000 in bridge financing to refinance acquisition debt for a 137-bed assisted living facility in Wellsville, NY.
Willow Ridge Senior Living LLC, with key principals Michael & Cayelan Morris, acquired the Allegany County facility in August 2021. The facility, formerly known as Manor Hills, also includes 22 memory care beds in a separate wing.
Greystone intends to pursue HUD-insured financing as a long-term permanent exit of the bridge financing. This non-recourse, interest-only bridge loan includes an initial 24-month term with two, six-month extensions.