$23.2M Loan for Florida Expansion; Ensign Acquires Idaho SNF
Greystone Provides $14.6M HUD-Insured Loan for Tarrytown Healthcare Facility
New York City-based Greystone provided a $14.59 million permanent loan insured by the Department of Housing and Urban Development to refinance Tarrytown Hall Care Center in Westchester County, New York. The Federal Housing Administration financing carries both a 35-year term and amortization period at a low, fixed rate.
The 120-bed skilled nursing facility provides several specialized services, including short-term rehabilitation, post-acute care and long-term care with offerings that include respiratory management, wound care and tracheostomy care.
Fred Levine, managing director in Greystone’s Monsey, N.Y. office, originated the transaction.
Ensign Group Acquires Idaho SNF
The Ensign Group (NASDAQ:ENSG) acquired the real estate and operations of the 40-bed McCall Rehabilitation and Care Center in McCall, Idaho, effective July 1. The facility had an occupancy rate of approximately 70% at the time of the transaction.
Ensign’s portfolio includes 185 skilled nursing operations, and the company said in its fourth-quarter earnings call that it plans to make acquisitions focused on underperforming properties owned by smaller operators.
Miami SNF Gets $23.2M Loan for Expansion
The 264-bed Victoria Nursing and Rehabilitation Center in Miami, Fla., obtained a $23.2 million loan from Ocean Bank to buy additional space and expand the facility by 48 beds, The Real Deal reported. The 183,247-square-foot nursing home used the loan to buy three stories of an eight-story office condominium building and a parking garage.
Thomas Ice from Middleton Reutlinger represented the nursing home; Elena Aidova from Holland & Knight LLP represented Ocean Bank.
Written by Maggie Flynn