Greystone Closes $36.5M Deal; Dwight Capital Provides $8M HUD Loan for SNF

Greystone announced that it provided a $36,464,000 loan insured by the Department of Housing and Urban Development (HUD) for the financing of three skilled nursing facilities (SNFs) in North Carolina.

The properties are located in Durham, Rutherfordton, and Pinehurst.

Fred Levine originated the loans for New York City-based Greystone.


The Durham location, Carver Living Center, a 232-bed SNF with 48 private rooms and 92 semi-private rooms, sold for $17,160,000 in HUD-insured financing and carries a 30-year term with a fixed, low-interest rate. The Rutherfordton facility, Willow Ridge Rehabilitation and Living Center, features 136 skilled nursing beds with 20 private rooms and 58 semi-private rooms, and sold for $11.4 million in HUD-insured financing which also carries a 30-year term with a fixed, low-interest rate.

Finally, the Greens at Pinehurst Rehabilitation & Living Center, in Pinehurst, was refinanced with $7,896,000 HUD-insured financing with a 30-year term.

“We bridged the acquisition of these facilities with our non-recourse bridge-to-HUD program,” Levine said in the press release. “Securing permanent financing with an FHA loan enables an owner to ensure long-term, low-rate financing for decades.”


Dwight Capital Finances $8M for D.C. Nursing Home

Dwight Capital closed an $8 million HUD loan for Stoddard Baptist Nursing Home, a 164-bed SNF in Washington, D.C.

Adam Offman, managing director at Dwight Capital, originated the transaction and lowered the loan’s interest rate by more than 1.5% through the refinance. The loan term and amortization were both extended as well.

Stoddard Baptist Nursing Home provides 24/7 nursing, short-term respite care, rehabilitation and barber services.

Blueprint Helps Sell 82-Bed SNF in Michigan

Blueprint Healthcare Real Estate Advisors recently announced its involvement in the sale of an 82-bed SNF in Battle Creek, Mich.

The facility was built in 1967 and renovated in 1985.

It is reportedly underperforming and served as a geographic outlier for the seller’s network of facilities in and around metro Detroit.

Blueprint ran a confidential sale process and the property was eventually sold to a New York-based buyer with an interest in expanding its Midwest presence into Michigan.

The transaction was completed upon the new operator’s receipt of its certificate of need (CON) approval.

Berkadia Seniors Housing & Healthcare Closes $5.5M for SNF in Oklahoma

The Seniors Housing & Healthcare Group at Berkadia Commercial Mortgage LLC last week announced the completion of a nearly $6 million deal for a SNF in Muskogee County, Okla.

The Charleston, S.C.-based real estate company landed $5,560,000 in HUD-backed loans with a total of 111 beds; secured on behalf of the sponsor.

The deal reportedly closed on June 17.

Berkadia managing director Jay Healy led the transaction.

Originally built in 1974, the SNF features 58 ventilator beds and has averaged 75% occupancy historically.

“Given the property’s sustained occupancy and high vent bed usage, we expect it to have continued success in the future, especially as we move into a post-COVID normal,” Healy said in the press release.

Companies featured in this article:

, , , ,