Skilled Nursing Facility’s Assisted Living Sell-Off; Greystone Provides $20.6M Loan

Greystone Provides $20.6M Refi to Staten Island SNF

Greystone provided a $20.66 million permanent loan insured by the Department of Housing and Urban Development (HUD) to refinance the 238-bed Golden Gate Rehabilitation & Health Care Center in Staten Island, N.Y.

The permanent Federal Housing Administration (FHA) financing for the skilled nursing facility carries a 35-year term and amortization period at a low, fixed rate; it represents a permanent exit from a bridge loan Greystone previously arranged on the facility two years ago.

The Sentosacare-affiliated Golden Gate offers short-term rehabilitation; long-term residential care; physical, occupational, and speech therapy; and neuro and orthopedic rehabilitation.

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

Skilled Nursing Operator Sells AL Community in Ohio

Blueprint Healthcare Real Estate Advisors executed the sale of a 50-unit assisted living community in Boardman, Ohio, working on behalf of a publicly traded real estate investment trust (REIT) and a national skilled nursing operator.

The Commons at Greenbriar was designed to provide lower-acuity AL services and serve as a referral source for the SNF adjacent to it. Both the SNF and the AL facility were owned by the same operator, but occupancy at the assisted living facility struggled to match the local average.

EDM Management Inc., a management and consulting services firm headquartered in Boardman, was chosen as the buyer for its acquisition track record and local expertise, according to a press release from Blueprint announcing the deal. EDM plans to invest in capital improvements and a potential expansion.

County Approves Up to $16M in Bonds for Nursing Home Renovations in New York City Suburbs

The Westchester County Local Development Corp. agreed to issue between $11.8 million and $16 million in bonds for the Bethel Nursing Home Co. in Ossining, N.Y., Westfair Business Publications reported.

The home is being downsized from 73 beds to 43, with double bedrooms to be converted to single rooms to create a more residential setting. In addition, the nursing home is expected to purchase new health care equipment.

The Chicago-based specialty investment bank Ziegler is underwriting the transaction.

Written by Maggie Flynn