The purchase of Saint Mary’s East renamed Nightingale Nursing and Rehab Center, was secured by a short-term two-year floating rate, interest-only loan, which Greystone will work to transition to permanent HUD-insured financing. The complex includes six buildings comprising 139 skilled nursing beds, of which 39 are for a dedicated for Memory Care residents; 131 licensed personal care beds; and 91 residential living units.
“This is the first step in the bridge-to-HUD process and a continuation of our commitment to provide liquidity to healthcare providers,” said Mr. Levine.
“We see a lot of potential in the former St. Mary’s East campus, partially due to the large number of private resident rooms,” said Dov Braun, Key Principal of the borrowers. “Implementing our operational plans and enhanced resident care programs to continue and build on Saint Mary’s reputation of exceptional resident care is our priority.”
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
