Greystone Closes $75M Loan for Acquisition of 561-Bed Portfolio
Greystone, a New York-based commercial real estate lending, investment and advisory company, provided a $75 million loan for the Optima portfolio of three skilled nursing and rehabilitation facilities in the New York City metropolitan area.
The loan, insured by the Department of Housing and Urban Development (HUD), has a low fixed rate, both a 35-year term and amortization period, and was funded through the HUD 232 program for financing SNFs and assisted living facilities.
The facilities in the portfolio have 561 beds, and are spread across Queens, Long Island, and Westchester County, N.Y.
Blueprint Bundles SNF into Larger Portfolio in Alabama
Blueprint Healthcare Real Estate Advisors announced the sale of the 120-bed Willow Trace Health and Rehabilitation Center in Butler, Ala. The operator had a strong regional presence, though the facility was determined to be a geographical outlier.
Blueprint added the skilled nursing facility, which had a history of strong cash flow, to a larger portfolio it was selling at the same time. The facility’s cash flow boosted the larger portfolio, according to a press release announcing the deal.
Crescent Heights Sells Miami Beach SNF for $31M
An affiliate of the Miami Beach, Fla.-based Crescent Heights sold the South Pointe Plaza Rehabilitation & Skilled Nursing facility to 42 Collins Avenue LLC — managed by David Katz of Brooklyn-based TL Management — for $30.75 million. The buyer obtained a $38.7 million mortgage from VNB New York, consisting of a $30.1 million term note and an $8.6 million line of credit.
The Sands at South Beach, managed by Leopold Friedman in New York, is the facility’s new operating tenant.
The Contemporary Healthcare Fund III also provided a $3.76 million loan to both the new property owner and Sands at South Beach.
Written by Maggie Flynn