New York Assisted Living Facility Lands Construction Financing
- May 27, 2020
The non-profit Bristol Village Inc. has received $8.6 million in HUD-insured construction financing for the expansion of Bristol Village, an 84-unit, 110-bed assisted living facility in Clarence Center, N.Y. Working on behalf of the borrower, Greystone originated the fixed, low interest-rate 241(a) loan.
Bristol Village Inc. will use the proceeds to expand the property by 23,000 square feet, which will make room for an additional 32 beds at the facility and expand the existing community spaces. The financing will run concurrent with the property’s existing HUD-insured loan originated by Greystone in 2011.
Bristol Village came online in 2003 on 20 acres at 8455 Clarence Center Road. The facility is some 18 miles northeast of downtown Buffalo, N.Y., and 2 miles west of the city center. The single-story property provides on-site amenities such as a theater and activity room, physician’s office, hair salon and gift shop. Resident services include scheduled transportation, newspaper delivery and dry cleaning.
Greystone Vice President Lisa Fischman arranged the Bristol Village financing. Fischman also originated $29.4 million in HUD-insured loans for two Memphis-area senior communities in March.