Greystone & Co. on Wednesday announced the origination of $78.5 million in financing for a 585-bed skilled nursing facility in the New York City suburb of Woodbury, N.Y.
The firm originated the loan for the Cold Spring Hills Center for Nursing & Rehabilitation through the Department of Housing and Urban Development’s (HUD) health care lending insurance program, after facilitating a high-leverage bridge loan for the property’s acquisition in June 2016.
The facility, located on Long Island, includes five interconnected residential buildings and offers multiple specialized services, including therapy, amputee rehabilitation, and cardiac and ventilator care.
Fred Levine of Greystone’s Monsey, N.Y. office originated the loan, which came with a fixed interest rate for its 30-year term.
Eduro Healthcare Enters Idaho
Skilled nursing operator Eduro Healthcare took over the operations of Valley View Nursing and Rehabilitation, a 120-bed facility in Boise, Idaho, this week.
The expansion represents Eduro’s first property in Idaho, marking the eighth state for the Salt Lake City, Utah-based provider. The company has embarked on an expansion push of late, with managing partner Michael Bewsey pointing to a specific focus on secondary markets in an interview with Skilled Nursing News last year.
“There’s just not a ton of competition for buildings,” Bewsey said of smaller markets in the Upper Midwest and Mountain West. “We’ve found a pretty good market to get in there and find buildings where we can be successful.”
Eduro celebrated the Idaho occasion by hiring a taco truck to feed the staff, the company noted in announcing the deal.
“There are a lot of great things already going on in this building, and we know that we can supplement those with some of our own,” company president Chris Thompson said in a statement.
NHI Picks Up SNF-Heavy Senior Housing Property for $50.3M
National Health Investors (NYSE: NHI) this week announced the $50.3 million purchase of Wingate at Silver Lake, a Massachusetts senior living campus with 164 skilled nursing beds.
The Murfreesboro, Tenn.-based real estate reinvestment trust (REIT) executed the transaction as a purchase-leaseback, with an affiliate of Wingate Healthcare operating the property under a 10-year lease with three five-year renewal options and an initial rate of 7.5%. NHI also committed up to $1.9 million in capital improvement funding.
The facility, located in Kingston, Mass., also has 69 assisted living units and 34 independent living units.