Centers Health Care Secures Financing for New York Skilled Nursing Facilities

Greystone secured the HUD-insured loans for the portfolio totaling 323 beds.
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Centers Health Care, one of the largest post-acute health- care continuums in the Northeast, has received $43.9 million in total HUD-insured financing for three skilled nursing facilities with a total of 323 beds in upstate New York.

The three facilities included in the financing package are: Ontario Center for Nursing and Rehabilitation in Canandaigua, N.Y. ($11.4 million); Steuben Center for Nursing and Rehabilitation in Bath, N.Y. ($20.2 million); and Corning Center for Nursing and Rehabilitation in Corning, N.Y. ($12.3 million). Originated in three separate transactions, the HUD-insured 232(f) financings carry interest rates in the mid-2s along with long loan terms and amortization.

Greystone Managing Director Fred Levine secured the financing on behalf of Centers Health Care, a longtime client. Levine said in a prepared statement the permanent financing enables the owner to ensure long-term, low-rate financing for decades so they can focus on continuing to provide services to their communities.

Headquartered in the Bronx, N.Y., Centers Health Care includes nearly 50 skilled nursing and rehabilitation facilities in New York, New Jersey, Rhode Island and Kansas. The company’s services and facilities include home health care, managed long-term care, adult day health care, assisted living, two state-of-the-art renal dialysis centers, and Centers Urgent Care, which provides walk-in medical care. Established in 1996, Centers Health Care provides services and care for more than 9,000 long- and short-term residents.

Greystone Deals

Earlier this year, Levine originated almost $63 million in HUD-insured loans for Maybrook Holdings to refinance five skilled nursing facilities with a total of 622 beds in eastern Pennsylvania. The loans were all non-recourse, long term, self-amortizing and carried low and fixed-rate interest rates for the life of the loans.

A month earlier, Levine secured a $71.3 million HUD-insured loan for the owners of the Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in Amityville, N.Y.