{"id":9603,"date":"2023-09-26T00:42:42","date_gmt":"2023-09-26T05:42:42","guid":{"rendered":"https:\/\/1reason.com\/re\/greystone-provides-16-8-million-for-supportive-living-community-in-illinois-under-new-hud-seniors-green-financing-program\/9603\/"},"modified":"2023-09-26T19:42:42","modified_gmt":"2023-09-27T00:42:42","slug":"greystone-provides-16-8-million-for-supportive-living-community-in-illinois-under-new-hud-seniors-green-financing-program","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/greystone-provides-16-8-million-for-supportive-living-community-in-illinois-under-new-hud-seniors-green-financing-program\/9603\/","title":{"rendered":"Greystone Provides $16.8 Million for Supportive Living Community in Illinois\u00a0Under New HUD Seniors Green Financing Program"},"content":{"rendered":"<div> The financing was originated by Adam Lipkin, Vice President and Michael Zukerman, Managing Director, of Greystone with Brent Connell of Geneva Capital acting as correspondent on the transaction.  <\/p>\n<p><strong>Plum Creek at Rolling Meadows<\/strong> 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.<\/p>\n<p>With the 35-year self-amortizing refinancing, the owner committed to implementing \u201cgreen\u201d 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.<\/p>\n<p>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.<\/p>\n<p>\u201cHUD\u2019s 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 \u2013 longer loan terms and amortizations, greater proceeds, and lower interest rates overall,\u201d said Mr. Lipkin.<\/p>\n<p align=\"justify\"><strong>About Greystone<\/strong><br \/>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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=yl06UIoyqwoRC9Gl9-4-f0M4alvhm3QwMt6I83rOlDF5B2o4f8McLklbPpgSiiMo9XmyGn9MGH_QAKO5848ZSF6w-vMwrMNphccx6A-nwYs=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.greystone.com\">www.greystone.com<\/a>.<\/p>\n<p align=\"justify\"><strong>PRESS CONTACT:<\/strong><br \/>Karen Marotta<br \/>Greystone<br \/>212-896-9149<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=blcXKjDA2d16PCoBRhnqnCgl5fuDr9peglCoSuGlmNFW-RfpHjsMR5xe8kKY7_aivbk7rGua-3j4O1up2pq2Z1vtcM6B_9CoVsAKMeiUYEM=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Karen.Marotta@greyco.com\">Karen.Marotta@greyco.com<\/a><\/p>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/MGRkNGZkY2YtNTg5My00NGEyLWEwZTEtMGE4ZTdjZWZlOTQzLTEwMzQ5NDg=\/tiny\/Greystone.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"left\">NEW YORK, Aug. 16, 2023 (GLOBE NEWSWIRE) &#8212; Greystone, a leading national commercial real estate finance company, has provided a $16.8 million HUD LEAN 232\/223(f) green loan to refinance a 102-unit Supportive Living Facility in Rolling Meadows, Illinois.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/9603"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=9603"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/9603\/revisions"}],"predecessor-version":[{"id":9645,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/9603\/revisions\/9645"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=9603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=9603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=9603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}