Greystone provided a $24.9 million loan insured by the Department of Housing and Urban Development (HUD) for the refinancing of the 120-bed skilled nursing facility Adira at Riverside, in Yonkers, N.Y.
The financing was originated for L&A RE Acquisition, LLC, by Greystone managing director Fred Levine, with Shia Fishman of Capital Stack Advisors acting as correspondent on the financing, according to a press release announcing the transaction.
The facility was built in 2000 and includes a certified respiratory and ventilator unit, short-term rehabilitation, amputee rehab, wound care, neuro-rehabilitation, certified cardiopulmonary rehabilitation, and long-term skilled nursing care, among other services.
The refinancing decreases the repeat borrower’s interest rate while extending the term and amortization of the loan overall.
$19.5M Nursing Home Approved in Rockland, Maine
Construction on a $19.5 million, 96-bed nursing home will begin in the fall of this year, the Bangor Daily News reported Thursday, with the facility slated to replace two facilities managed by Pen Bay Medical Center.
The new project will save the hospital about $2 million a year, according to the publication. It was originally slated to cost $16.5 million, but planning officials in Rockland indicated the price increased since the project was proposed. Sandy River Co., which operates nursing homes across the state, is the developer of the project and would oversee the facility along with Pen Bay Medical Center, Bangor Daily News reported.
The new facility will include private rooms and greater resident access to outdoor space, the publication noted; one of the two facilities being replaced by the new project currently requires residents to share rooms, despite being the newer of the two plants.
The facility is projected to open in 2023.
Capital Funding Group Sets Record in Q1, With $800M+ in Financing
Capital Funding Group financed more than $800 million for clients in bridge-to-HUD and HUD loans in the first quarter, including 13 bridge loans and 31 HUD loans, according to a press release.
The loans include $285 million in bridge-to-HUD financing for the acquisition of a skilled nursing portfolio with 16 facilities in the Mid-Atlantic region.
In its role as a provider of financing solutions for health care facilities, Capital Funding Group works with the long-term care, assisted living, and hospital sectors.