Greystone Provides $40M Bridge Loan for Bronx Senior Living Facility

A joint venture between Metropolitan Realty Group and Citadel Care Centers has secured a $40 million bridge loan to acquire and rehabilitate a senior living facility in the Bronx’s Fordham Manor neighborhood, Commercial Observer has learned.

The loan is for Kittay House, a 295-unit affordable senior living facility at 2550 Webb Avenue that provides social, educational and recreational programs for seniors, as well as meals, housekeeping and access to health care and other services, according to a release.

Greystone provided the two-year, interest-only, non-recourse bridge loan which carries two six-month extension options, the release said.

Greystone’s Eric Rosenstock and Jeff Englund originated the financing on behalf of Metropolitan’s Scott Jaffee and Citadel’s Leo Friedman, according to the release.

“Kittay House has been providing seniors with independence and quality living standards for decades, and we are happy to help the new owners find a financing solution that fits their capital needs now for the future goals of this asset,” Rosenstock said in a statement.

Last month, Citadel acquired the elder care facility between West 190th Street and West Kingsbridge Road from The New Jewish Home for $45 million, as CO previously reported. Metropolitan will serve as the property manager for the building.

Spokespeople for Citadel and Metropolitan did not immediately respond to requests for comment.

The purchase and renovation of Kittay House is one of a few projects involving Bronx senior living facilities that are currently in the works. Others include Asland Capital Partners and Pembroke Residential Holdings’ project to build an affordable senior housing development in Soundview.

Goldman Sachs Asset Management’s Urban Investment Group provided a $100 million financing package for the construction of that project in May 2022, and the development opened last fall.

Isabelle Durso can be reached at idurso@commercialobserver.com.