Plum Creek at Rolling Meadows is a three-story facility on 1.46 acres, which was constructed in 1986 as a hotel property and converted to a Supportive Living Facility in 2006. The Supportive Living program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing.
With the 35-year self-amortizing refinancing, the owner committed to implementing “green” improvements that will result in an estimated 15% in energy savings and 10% in water savings annually, amounting to projected savings of over $20,000 per year.
Currently, the new HUD-insured green seniors housing program can cut closing costs by 75 bps and reduce the interest rate by almost half a percent (50 bps). This leads to a substantial decrease in annual financing costs and enables a significantly larger loan than HUD-insured financing without the green benefits.
“HUD’s new green financing program for senior housing is an excellent option to reduce debt service by making environmentally-friendly improvements, all the while benefiting from the long-standing advantages of a non-recourse FHA-insured loan – longer loan terms and amortizations, greater proceeds, and lower interest rates overall,” said Mr. Lipkin.
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
