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NEW YORK CITY – Greystone, a commercial real estate lending,investment and advisory firm, has lent a $71.3 million HUD-insuredloan to refinance a family-owned skilled nursing facility in LongIsland, New York called the Massapequa Center Rehabilitation &Nursing.

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The $71.28 million permanent FHA financing enables the borrowerto exit an initial bridge loan used for the purchase in November2017 and to continue with large scale renovations. The newfinancing has a 30-year term and 30-year amortization along with alow, fixed-rate.

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"I'm excited that we were able to provide the liquidity neededto help the Massapequa Center provide spectacular nursing care in abeautiful environment," said Fred Levine of Greystone in a preparedstatement.

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Built in 1974, the Massapequa Center has undergone $8.5 millionin facility upgrades, including the installation of private suiteswith private showers, the addition of a new commercial kitchen, thecreation of a large rehabilitation and wellness center, andcomprehensive renovations to the entrance lobby, nurse stations andgeriatric units.

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As a family-owned and operated rehabilitation center, MassapequaCenter offers long- and short-term care, adult daycare and dementiacare, as well as a stroke rehabilitation center. It's known for itsexclusive therapy programs, with recreational and lifestyleamenities available on-site to its residents.

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"We chose Greystone because their dedication to service mirrorsour own: we treat our residents like family and will do whatever ittakes to provide them with the best care," said Bernie Fuchs,president, and patriarch of the family. "Every resident here knowsthat they will be treated as I would want my mom to be treated,"said Joel Edelstein, CEO of Massapequa Center, in a preparedstatement.

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.