Bronx Nursing Home Refis With $33M Take-Out From Greystone
Guelda Voien June 20, 2014, 2:43 p.m.
New York-based real estate lender Greystone provided a $32.6 million HUD loan to refinance a 480-bed skilled nursing facility in the Bronx, Mortgage Observer has learned.
Fred Levine, a senior mortgage banker at the firm, handled the transaction.
The FHA loan for Bay Park Center for Nursing and Rehabilitation, a nursing home and rehabilitation center at 801 Co-op City Boulevard, refinanced a 2008 bridge loan and a 2009 permanent HUD loan, according to representatives for Greystone. Greystone provided those loans as well.
The facility is part of the SentosaCare Network in New York.
“Greystone’s knowledge, staff stability and experience in financing for the skilled nursing industry is unparalleled,” said Ben Philipson, president of SentosaCare, in a statement to Mortgage Observer. “We are thrilled to have been able to work with the same team from the acquisition bridge loan to the HUD takeout and now the refinancing. The Greystone team is familiar with our properties and is always bringing money-saving ideas to our attention.”