NY Nursing Facility Lands $25M Refi

Greystone provided the HUD-insured loan for Adira at Riverside Rehabilitation & Nursing in Yonkers, N.Y. The financing carries a 30-year term at a low, fixed rate.

Adira at Riverside Rehabilitation & Nursing, 120 Ovell Ave. in Yonkers, N.Y.
Adira at Riverside Rehabilitation & Nursing, 120 Ovell Ave. in Yonkers, N.Y.

Greystone has provided a $24.9 million HUD-insured permanent loan to refinance Adira at Riverside Rehabilitation & Nursing, a skilled nursing facility in Yonkers, N.Y. The long-term FHA financing signifies a permanent exit from a bridge loan provided by Greystone in 2015, for the acquisition of the property by L & A RE Acquisitions. The HUD-insured loan carries a 30-year term at a low, fixed rate.

“HUD’s mortgage insurance gives private lenders like Greystone the security they need to invest in our region’s healthcare facilities,” said Lynne Patton, HUD regional administrator for New York and New Jersey, in prepared remarks. “Because of this public-private partnership, residents of Yonkers and the surrounding area will have access to comprehensive treatment and care for decades to come.”

The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, N.Y. office, and Shia Fishman as correspondent. “For owners and investors in healthcare facilities, it is a multi-step process to reach the permanent, long-term HUD financing that ensures a long-term and low fixed rate,” Levine said. “What eases the burden is having a quality asset like Adira, reputable owners, and ultimately receiving skilled guidance from an experienced lender like Greystone.”

The facility features a certified respiratory & vent unit, short-term rehab, occupational, physical & speech therapy, amputee rehab, wound care, neuro-rehabilitation, certified cardiopulmonary rehabilitation, long-term skilled nursing care, dedicated Alzheimer’s & dementia care units and stroke & TBi rehab. Amenities include a fitness facility and a concierge.

Image courtesy of Greystone