Greystone Arranges $63M for Pennsylvania Portfolio

The properties include five skilled nursing facilities totaling 622 beds across four municipalities.
Millville property. Image courtesy of Greystone

Maybrook Holdings has secured almost $63 million in HUD-insured loans for a portfolio of five skilled nursing facilities in Pennsylvania. The properties collectively comprise 622 beds and are located primarily in small towns in the eastern half of the Keystone State.

The municipalities are Easton, Millville, Orangeville and Stevens. The loans—arranged by Greystone’s Fred Levine—are all non-recourse, long-term and self-amortizing. The interest rates are both low and fixed for the life of the loans.

The borrower was seeking long-term, fixed, low-rate non-recourse financing and Greystone specializes in the SNF FHA refinance arena. We have a long history with HUD . . . understand their process well and also bring such deep experience from the owner/operator side,” Levine, managing director, told Multi-Housing News.

Every state has its own process and Pennsylvania is no different. What is a definite advantage for borrowers like Maybrook is having previous experience and success in the SNF market, as it is a highly-specialized landscape from a finance, ownership and operations standpoint.”

Last week, Greystone Healthcare Management entered the Illinois and Missouri markets with the acquisition of a 13-property portfolio

Akiva Glatzer and David Gamzeh operates Maybrook Holdings, among other northeastern U.S. portfolios, and has worked with Greystone on earlier occasions.