Connecticut Skilled Nursing Facility Lands $8M Refi

Greystone originated the 35-year loan for a 90-bed rehabilitation center in Plainfield.
Colonial Health & Rehab
Colonial Health & Rehab. Image courtesy of Greystone

Colonial Health & Rehab Center of Plainfield LLC has obtained an $8 million HUD-insured loan to refinance Colonial Health & Rehab, an 85-unit, 90-bed skilled nursing facility in Plainfield, Conn. Greystone’s Lisa Fischman originated the 35-year, FHA permanent financing with a low, fixed rate that retires an existing acquisition loan secured in 2019.

Located at 16 Winsor Ave., the facility is near Interstate 395 and close to downtown Plainfield. The rehabilitation center, operating since the 1990s, offers long- and short-term skilled nursing and rehabilitation services, as well as respite, hospice and palliative care. The one-story building encompasses 85 studios and one-bedroom apartments. Amenities include a 24-hour emergency communication system and a beauty and barber salon. Scheduled transportation, as well as social, cultural, spiritual and recreational activities are available to residents.

The ownership started a renovation program at the property. Aside from remodeling the dining and recreation room, improvements also target resident rooms. New flooring, painting and furniture, but also the addition of flat screen TVs are planned.

In May, Greystone originated almost $72 million in financing for a 874-bed skilled nursing portfolio. The seven rehabilitation facilities are spread across North Carolina and Kentucky.