Greystone Provides $60M HUD Loan for NY Skilled Nursing Facility
- Jun 12, 2017
Greystone has provided a $59.8 million HUD-insured permanent loan for The Pavilion at Queens for Rehabilitation & Nursing, a skilled nursing facility in Queens. Fred Levine of the firm’s Monsey, N.Y., office, originated both the permanent FHA loan and a 2015 bridge loan for the 302-bed asset.
Quarter-million dollar makeover
Located at 36-17 Parsons Blvd., the medical center is 13 miles from downtown New York via Interstate 278. Kennedy Management, a health care company owned and operated by the Fuchs family, took over the facility in January 2015, which was then known as the William B. Benenson Facility. The company gave the asset built in 1997 a $250,000 makeover, led by Faye Lowinger Design Group LLC, according to McKnight’s. Greystone arranged a highly leveraged bridge-to-HUD loan to finance the acquisition, rebranding and renovation of the nursing facility, which included the addition of a new 3,000-square-foot therapy rehabilitation center and an onsite 40-bed ventilator-dependent unit. The makeover also doubled the dialysis center to 12 seats and created an eighth floor for Chinese patients, eight being a lucky number in their culture.
The renovated and rebranded Pavilion provides customized therapy services and amenities such as resident lounges, music therapy and a rehab gym. The medical center provides a wide range of services, including rehabilitation, ventilator care, dialysis, as well as traditional skilled nursing, palliative and hospice care.
Image courtesy of Greystone and The Pavilion at Queens