New York Skilled Nursing Facility Lands $10M Refi
- Nov 24, 2020
Sunset PropCo LLC and Sunset Operating LLC have received a $10.4 million bridge loan for the refinancing of the 120-bed Sunset Nursing and Rehabilitation Center in Boonville, N.Y.
Greystone arranged the non-recourse deal for the senior property in the Mohawk Valley region.
The recapitalization covers existing recourse senior debt and offers low, fixed-rate financing through the Federal Housing Administration’s 232(f) program.
The property is located at 232 Academy St., just off U.S. Road 46, in Oneida County and is the only skilled nursing facility within a 15-mile radius. Rome, N.Y. is 24 miles south, while Watertown, N.Y. is situated 50 miles northwest of the site.
The single-story community was completed in three stages: in 1964, 1971 and 1985. The property offers 54 semi-private and 12 private units and was last renovated in 2008. The 24-hour skilled nursing facility includes dementia care, short-term rehabilitation and respite care. Occupational therapy, speech therapy and dental care are also available on site.
Fred Levine, managing director at Greystone, originated the transaction. Earlier this year, Levine secured HUD financing for Center Health Care’s skilled nursing portfolio in upstate New York. The $43.9 million deal refinanced three properties totaling 323 beds.