KeyBank Real Estate Capital has provided $127 million in FHA 232/223(f) financing for the 499-bed Upper East Side Rehabilitation and Nursing Center in Manhattan. The loan represents the largest financing for a single asset within the U.S. Department of Housing and Urban Development’s (HUD) FHA 232 program.
The property is located at 211 E. 79th St., in the heart of the Upper East Side and four blocks from Central Park. The 77th Street subway station is a five-minute walk away, while Lenox Hill Hospital is a seven-minute walk from the facility.
The FHA loan proceeds were used to pay off an interim acquisition bridge loan secured by KeyBank and a syndicate of lenders, as well as to fund more than $7 million in capital improvements. The center provides short-term, sub-acute and long-term rehabilitation and nursing services, along with:
- 24-hour skilled nursing care
- physician services
- physical, occupational, speech and respiratory therapy
- social work
- post-operative and palliative care
- cardiac rehabilitation
- beauty parlor
- family and friends transport program
- day excursions and entertainment options
Last month, a 561-bed skilled nursing portfolio in the New York City metro area received $75 million in acquisition financing. Greystone provided the loan, also through HUD’s 232 program.
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