Greystone on Wednesday announced the closing of a $58.8 million refinance loan for a skilled nursing facility in Southampton, N.Y.
The 35-year loan was originated under the Department of Housing and Urban Development’s (HUD) 232 program, which allows investors and operators to refinance existing debt into non-recourse loans with lower fixed interest rates.
The 280-bed Hamptons Center for Rehabilitation & Nursing spans nine acres on Long Island’s South Fork with specialized services for residents with Alzheimer’s and dementia, along with traditional short- and long-term care. The New York City-based Greystone highlighted the facility’s 15-mile distance from any competing nursing properties, as well as its proximity to the upscale towns of Sag Harbor, Sagaponack, and Bridgehampton, N.Y.
Greystone managing director Fred Levine led the transaction.
“The HUD 232 program continues to be the most sought-after financing vehicle for skilled nursing home operators,” Levine said in a statement.
Monticello Arranges $38M Loan for 600-Bed Portfolio
Monticello Asset Management, LLC, on Wednesday announced a $38.1 million financing deal for a portfolio of five skilled nursing and assisted living properties in a bridge-to-HUD transaction, according to ABL Advisor.
Of the total, $35.6 million will go toward the acquisition of three skilled nursing facilities and two combination AL/SNF properties across the state of North Carolina, with a total of 600 licensed beds. The remaining $2.5 million will be used for upgrades at the properties.
The New York City-based Monticello arranged the financing through its asset-based lending arm, describing its client as an experienced owner and operator of SNFs with 2,600 licensed beds; Monticello and the unnamed operator had also worked together on an acquisition deal last year.
Pair of Deals Up for Approval in Buffalo Area
The proposed sale of two Buffalo-area nursing homes will come before the New York State Department of Health for final approval this week, Buffalo Business First reported.
In the first deal, EN Operations Acquisitions LLC will apply to become the new owners of the Emerald North Rehabilitation Center in Buffalo, a property that has been under receivership since October. The prospective buyers will pay $525,000 for the facility’s operations, the publication reported, while a real estate affiliate with the same owners will fork over $2.97 million for the property. Should the deal go through, the property will bee renamed The Grand Rehabilitation and Nursing at Delaware Park.
The second transaction, if approved, would see the 140-bed LeRoy Village Green in Genesee County sold to LeRoy Operating LLC; the would-be owners had previously seen their application stall out in the approval process after officials questioned quality rating declines at its other properties, according to Buffalo Business First.