Greystone Originates $37M for Skilled Nursing Facilities
- Jul 13, 2021
Greystone has provided a $36.5 million financing package for three skilled nursing facilities totaling 488 beds across North Carolina. According to Durham County records, the borrower was Lakewood, N.J.-based CCH Healthcare.
Greystone Managing Director Fred Levine originated the loans insured by the U.S. Housing and Urban Development.
Carver Living Center, located at 303 E. Carver St. in Durham, is the largest facility in the portfolio, featuring 48 private and 92 semiprivate rooms with 232 beds. The property received a $17.2 million 223(f) HUD loan. The financing carries a 2.69 percent interest rate across a 30-year term, according to HUD data.
Located at 237 Tryon Road in Rutherfordton, the second-largest facility in the portfolio is Willow Ridge Rehabilitation and Living Center. The community received $11.4 million in funding. The loan has a 2.69 percent interest rate and is set to mature in 2051. The property has 136 beds with 20 private and 58 semiprivate rooms.
The Greens at Pinehurst Rehabilitation & Living Center is situated at 205 Rattlesnake Trail in Pinehurst. The smallest facility in the portfolio received a $7.9 million 223(f) HUD loan with an interest rate at 2.47 percent across a 30-year term. The community features 120 beds in 68 units.
Care services & amenities
All properties offer long-term care and short-term rehabilitation, while some facilities also provide stroke and neurological care, respite and memory care, as well as tracheostomy care services.
Every facility provides gourmet meals, a beauty salon, updated suites and lounges, and outdoor seating areas for its residents. The skilled nursing facilities also offer weekly outings, religious services and daily activities.
In May, Levine originated a $35 million loan for five skilled nursing facilities across southeastern Wisconsin. The HUD-insured loans refinanced existing debt encumbering the properties.