Transactions: Greystone Provides $24.9 Million HUD Loan for Yonkers SNF

Greystone Provides $24.9 Million HUD Loan for Yonkers Facility

Greystone, a real estate lending, investment and advisory company in New York, provided a $24,910,200 permanent loan insured by the Department of Housing and Urban Development (HUD) to refinance Adira at Riverside Rehabilitation & Nursing, a skilled nursing facility in Yonkers, New York. The loan carries a 30-year term at a low, fixed rate.

Fred Levine, managing director in Greystone’s Monsey, New York office, originated the transaction; Shia Fishman was correspondent.

Adira at Riverside includes long-term skilled nursing care; short-term rehab; occupational, physical and speech therapy; and dedicated Alzheimer’s and dementia care units, among other services.

The long-term Federal Housing Administration (FHA) financing represents a permanent exit from a bridge loan for the acquisition of the property by L & A RE Acquisitions. That loan was provided by Greystone in 2015.

Bank of Nevada Financing Projects Include 45-bed SNF

Bank of Nevada financed more than $270 million in development projects over the past 18 months, Nevada Business reported on Oct. 31. The commercial development projects include a 30,050-square-foot, 45-bed skilled nursing facility in the Northwest Valley area in Nevada, near the U.S. 95 and 215 Beltway.

Cambridge Arranges Loans to Finance Acquisition of IL SNF

Chicago-based Cambridge Realty Capital Companies arranged a $20 million bridge loan and a $1 million asset-based loan to finance the acquisition of The Abington, a 192-bed skilled care facility located in Glenview, Illinois. The borrower wanted to exercise its purchase option to acquire the facility, and the loans were arranged for that entity, according to Cambridge chairman Jeffrey Davis.

The financing facilitated by Cambridge with its Signature Bridge Lender included a minimal down payment and excess capital for improvements.

The operators of the Abington had approached Cambridge because of their desire to buy the facility based on an option in its lease and because of their long-term relationship with Cambridge.

Cambridge has three distinct business units: FHA-insured HUD loans, conventional financing, and investments and acquisitions.

AccuraHealthCare acquires Hawkeye Care Centers

Iowa-based Accura HealthCare, which operates nursing homes, rehabilitation facilities, and assisted living centers, acquired six skilled nursing centers, two assisted living centers, and one independent living center throughout the state on Nov. 1, the Cresco Times reported on Monday.

The centers are currently owned and operated by Hawkeye Care Center in West Des Moines, Iowa. They are located in Bancroft, Carroll, Cresco, Marshalltown, Milford and Spirit Lake.

Written by Maggie Flynn