NEW YORK CITY—In a deal arranged by Greystone, the Centers for Specialty Care Group, the owner of the Holliswood Center for Rehabilitation and Healthcare in Jamaica, Queens, has refinanced the 314-bed skill nursing facility via a $36.7-million HUD loan.
The transaction arranged by Fred Levine, a senior mortgage banker with New York City-based Greystone, provided permanent mortgage financing for the Bronx, NY-based Centers for Specialty Care, which acquired the Holliswood property in May 2013 with a bridge loan funded by Greystone.
The HUD loan carries both a 30-year term and amortization at a low rate for the property located in the Holliswood section of Jamaica, Greystone says.
“We are thrilled to have successfully closed on our permanent HUD financing for Holliswood after Greystone initially provided our bridge loan less than a year ago,” says Daryl Hagler, managing member of Hollis Realty, LLC. “With our growing portfolio, it's important to know that we have a partner like Greystone to depend on. Many lenders discuss bridge to HUD loans but only a few can execute as well as Greystone. We look forward to closing more transactions together.”
“Greystone's bridge to HUD loan process has become a mature platform that provides a number of benefits for healthcare property owners, satisfying the immediate need for funding and enabling the long-term, low-rate financing for which HUD is known,” says Betsy Vartanian, head of FHA lending at Greystone.
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