Transactions: Greystone Arranges $78M in HUD Financing for SNF

Greystone Lands $78 Million HUD Loan for Brooklyn SNF

Greystone, a New York City-based real estate lending, investment and advisory company, provided a $78 million Department of Housing and Urban Development refinance loan for Boro Park Center for Nursing & Rehabilitation in Brooklyn, N.Y.

The transaction represents one of the largest-ever HUD loans for a skilled nursing facility, according to a press release.

Centers Health Care bought Boro Park Center more than five years ago and has invested more than $20 million in renovations since. The latest HUD loan from Greystone marks more than $200 million in total financing that the lending company has provided to Centers Health Care.

Boro Park Center provides clinical services including amputee recovery and training, cardiac therapy, stroke rehabilitation and tracheotomy care.

Two floors of the SNF are dedicated to celebrating Asian cultures with staff fluent in Mandarin, Cantonese, and Toishanese. The facility also features an area for residents who observe Orthodox Jewish customs, including Glatt Kosher cuisine and a Shabbat room.

Fred Levine, managing director in Greystone’s Monsey, N.Y. office, originated the transaction.

Vero Health Care Acquires Four SNFs 

Vero Health Care, LLC, a Columbia, Md.-based skilled nursing provider, acquired the real estate of four skilled nursing facilities it has operated and managed in Georgia and Massachusetts since 2013 and 2014, respectively. These four acquisitions were funded by a $20 million loan from SunTrust Bank, according to a press release.

Vero nows owns the three Boston SNFs — Vero Health & Rehab of West Roxbury, Mattapan and VFW Parkway — in addition to Vero Health & Rehab of Wadley in Wadley, Ga.

The loan from SunTrust, an Atlanta-based bank holding company, allowed Vero to reduce in-debt services and to continue making operational improvements, the release stated.

With this transaction, Vero is now poised to grow its SNF portfolio throughout the Eastern U.S., said Eamonn Reilly, managing member of Vero Health Care, LLC, in the press release.

Capital One Closed $12 Million HUD Loan to Refinance Oregon SNF

Capital One provided a $12 million fixed-rate HUD 232/223(f) loan to refinance Regency Gresham, a skilled nursing facility in Gresham, Ore.

The 128-bed SNF was built in 1960 and was expanded in 1976. The owners recently converted four-person wards and semiprivate rooms to semiprivate and private ones, respectively.

Capital One, a McLean, Va.-based financial holding company, provided the loan so that the owners can extend their renovation program to other areas of the SNF, according to a press release. Regency Gresham’s owners will update the building’s infrastructure to enable additional therapy services and remodel the common area.

Capital One senior vice president Joshua Rosen originated the transaction.

Written by Elizabeth Jakaitis