Eastchester Realty Associates secured a $23.9 million HUD-insured loan from Greystone to refinance a skilled nursing facility property in The Bronx, N.Y. The non-recourse, permanent FHA financing carries a low, fixed interest rate and 30-year term and amortization. A portion of the loan proceeds will go toward completing renovations at the facility.
The 200-bed Eastchester Rehab & Health Care Center was built in 1967 and provides care ranging from temporary respite services to long-term skilled nursing care and features a respiratory unit, memory care and short-term rehabilitation. Located at 2700 Eastchester Road, the facility offers easy access to Interstate 95 and the Hutchinson River Parkway.
The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, N.Y. office, on behalf of Eastchester Realty Associates. Last month, Greystone provided more than $100 million in refinancing loans for two other skilled nursing facilities in The Bronx and Buffalo, N.Y.
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