Greystone Secures Largest HUD Loan for Nursing Facility
The $78.4 million refinancing for the 510-bed property in Brooklyn, N.Y., follows a $20 million capital improvement plan implemented by Centers Health Care.
By Ariela Moraru
Greystone provided a $78.4 HUD-insured permanent loan to refinance Boro Park Center for Nursing & Rehabilitation. Centers Health Care operates the 510-bed skilled nursing facility in Brooklyn, N.Y. The transaction marks one of the largest HUD loans for a skilled nursing facility and caps more than $200 million in total financing provided by Greystone for this health care provider.
Located at 4915 10th Ave., the facility provides amputee recovery and training, cardiac therapy, comfort care, palliative care, dental services, isolation rooms, occupational therapy, oxygen management, physical therapy, post-surgical orthopedic care, respiratory management, speech therapy, stroke rehabilitation and tracheostomy care. The property is near Maimonides Medical Center and has easy access to Interstate 278.
$20 million renovation
Centers Health Care invested more than $20 million to renovate and improve the financially distressed facility purchased more than five years ago. The property maintains a 5-star Medicaid rating and features two floors entirely dedicated to Asian cultures. Moreover, the center employs staff fluent in Mandarin, Cantonese and Toishanese and observes Orthodox Jewish customs, providing Glatt Kosher cuisine and access to a Shabbat room and Shul with daily Shiurim.
Fred Levine, managing director in Greystone’s Monsey, N.Y., office originated the transaction, following the $59.8 million HUD-insured permanent loan secured last month for The Pavilion at Queens for Rehabilitation & Nursing.
Images courtesy of Boro Park Center for Nursing & Rehabilitation