The $23,862,700 HUD-insured section 223(a)(7) loan, which refinances the skilled nursing, assisted living, and memory care portion of the Hubbard Hill campus, carries a 30-year term with a low, fixed interest rate. This permanent financing represents a refinance of a previous HUD loan and higher-rate construction financing used for an extensive expansion. As a result of Greystone’s execution, Hubbard Hill projects $280,000 in annual savings, in addition to reducing reserve escrows for the non-profit.
