NEW YORK CITY—Greystone has provided a nearly$44 HUD loan for the acquisition of a 360-bed skilled nursingfacility in the Coney Island section of Brooklyn. The transactionwas originated by Fred Levine, a senior mortgageoriginator at the firm.
The FHA financing was provided for Shorefront Center forRehabilitation and Nursing Care, a nursing home and rehabilitationcenter on Coney Island's famous boardwalk. The terms of thenon-recourse loan include a fixed low interest rate for 35 years.The facility now becomes part of the growing SentosaCareNetwork in New York.
“I'm thrilled to add this quality facility to our portfolio ofhealthcare facilities,” says Ben Philipson,president of SentosaCare. “After many successful healthcare financetransactions with Greystone, the one constant I can always dependon is having a highly skilled and responsive team to help grow mybusiness. By going straight to HUD for the acquisition, I wasable to avoid the additional step and associated costs of securinga bridge loan first.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
