Greystone’s $24M Deal in the Bronx; SNF-to-Behavioral Conversion in Mass.

Greystone Lands Nearly $24M Loan for Bronx Building

Lending and advisory firm Greystone originated a $23.9 million loan to refinance the 200-bed Eastchester Rehab & Health Care Center in the Bronx, N.Y.

The transaction represents a permanent financing of the property through the Federal Housing Administration, with a 30-year term. Eastchester Realty Associates will use the proceeds to finish renovations on the SNF, which was built in 1967; the center offers a range of services including respite, memory, and skilled care, along with short-term rehab.

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Fred Levine of Greystone’s Monsey, N.Y. office originated the loan.

Blueprint Oversees SNF-to-Substance Rehab Deal in Mass.

A national operator of substance abuse rehabilitation facilities picked up a defunct nursing home in Concord, Mass., with the Chicago-based Blueprint Healthcare Real Estate Advisors facilitating the deal.

The former skilled nursing facility had been forced to close because of operational strains and deferred capital maintenance projects, according to Blueprint, and the brokerage and advisory firm elected to market the building to a range of potential health care buyers due to its existing zoning clearances.

The new owner plans to renovate the property over the next several months as it expands its footprint across New England.

Steve Thomas helmed the deal for Blueprint.

Troubled Texas SNF Gets New Operators 

Copperas Hollow Nursing and Rehabilitation Center in Caldwell, Texas has changed hands after previous management had issues making payroll, according to a report from local television station KBTX.

Employees at the facility began seeing their paychecks bounce last month — the second time it happened this year under the ownership of the New Jersey-based Concord Health Care — along with issues paying vendors for necessary supplies, KBTX noted.

The Arlington, Texas-based Southern Cross Senior Care has since taken over for Concord Health Care, which did not respond to the station’s requests for comment about the payroll situation.

Written by Alex Spanko

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