NY Skilled Nursing Portfolio Lands $75M Financing

The 561-bed Optima Portfolio comprises three skilled nursing assets in the New York City area. The acquisition loan was funded through HUD.
Little Neck Nursing Center in Queens, N.Y.

Greystone has provided $75 million in acquisition financing for the recently renovated, 561-bed Optima Portfolio, comprising three skilled nursing facilities in the New York City metropolitan area. HUD’s 232 program for the financing of skilled nursing and assisted living facilities insured the loan, which has a low fixed rate, with a 35-year term and amortization period.

Brookside Multicare, located at 7 NY-25A in Smithtown, N.Y., offers 353 beds. The property features a pediatric unit and ventilator-dependent beds. The White Plains Center for Nursing and Rehab at 220 W. Post Road in White Plains, N. Y. provides 88 beds. The 120-bed Little Neck Nursing Center in Queens is situated at 260-19 Nassau Blvd. in Flushing, N.Y.

“HUD’s partnerships with private lenders like Greystone are putting health-care facilities across New York on firm financial footing for decades to come,” said Lynne Patton, HUD Regional Administrator for New York and New Jersey, in prepared remarks. “Whether for seniors or children, these skilled nursing facilities will benefit from the stability that comes with low-interest, federally insured loans.”

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