NY Nursing Facilities Get $100M in Financing

Greystone provided the refinancing loans for two skilled nursing facilities in the Bronx and Buffalo, N.Y. The borrower was Centers Health Care.
Buffalo Center for Rehabilitation and Nursing

Greystone has provided more than $100 million in HUD-insured financing for two skilled nursing facilities in New York. The separate deals were originated for the same borrower, Centers Health Care.

A $71.7 million HUD-insured loan was provided for Triboro Center for Rehabilitation and Nursing, a facility in the Bronx with 405 skilled nursing beds and 70 assisted living beds. Proceeds of the loan will be used to refinance the existing debt and to renovate portions of the facility.

A $28.9 million HUD-insured loan was provided for Buffalo Center for Rehabilitation and Nursing, a 200-bed skilled nursing facility located in Buffalo, N.Y.  The transaction was a bridge-to-HUD execution, for which Greystone funded the acquisition of the facility with its non-recourse bridge loan platform and then completed a permanent exit with HUD’s long-term, low, fixed-rate financing. A portion of the loan proceeds will be used for renovations and improvements to the property.

Fred Levine, managing director in Greystone’s Monsey, N.Y., office arranged both loans on behalf of Centers Health Care. Skilled nursing facilities have experienced headwinds this year as a number of changes in the industry have taken place.

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