Queens Nursing Facilities Land $54M Refi
With a total of 576 units, both properties are part of the SentosaCare network. Greystone provided the HUD-insured mortgage loans for the two highly specialized assets.
By Alex Ciorogar
Brookhaven Rehabilitation and Healthcare Center, Queens, N.Y.
Greystone provided more than $54 million in HUD-insured mortgage loans to refinance two nursing facilities in the New York borough of Queens. Both facilities are part of the SentosaCare network. Located in Far Rockaway, Queens, N.Y., Brookhaven Rehabilitation and Healthcare Center—a 298-bed facility refinanced for more than $21 million— offers short-term and long-term care as well as a 90-day, in-patient specialized bariatric weight loss program. Additional services include dementia care, nutrition, IV therapy, respiratory services, wound care and social services.
Cypress Garden Center for Nursing & Rehabilitation is a 278-bed facility refinanced for more than $32 million. Located in Flushing, Queens, N.Y., the asset received a 30-year, self-amortizing FHA fixed-rate loan. Cypress Garden’s services include short-term rehabilitation, including physical, occupational and speech therapies, as well as IV therapy, wound management, Alzheimer’s & dementia care, tube feeding, Cpap/Bipap and orthopedic care. The facility also has a specialized Ankang Program for the Mandarin and Chinese population, offering culturally appropriate activities and dietary options.
“Brookhaven Rehab and Cypress Garden are both unique facilities in that they are quite large, but also very specialized and personable for each of their focused resident groups, whether it is for nutrition or palliative care or a culturally accommodating environment,” said Fred Levine, managing director of Greystone’s Monsey office, in a prepared statement. “By securing this long-term financing for both facilities, the borrowers can continue to invest in them for the benefit of the residents and continue to provide services that are in great need for the Queens community.”
In another recent deal, Greystone secured a $78.4 million refinancing for a 510-bed skilled nursing facility in Brooklyn, marking one of the largest HUD loans for a skilled nursing facility.
Image courtesy of Greystone
