NEW YORK, April 24, 2023 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $13,698,300 HUD-insured loan to refinance a 122-bed Supportive Living Facility (SLF) in Crestwood, Illinois. The financing was originated by Eric Rosenstock, Managing Director at Greystone, on behalf of The Pointe at Kilpatrick.
Illinois developed the Supportive Living Program as an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing. Greystone’s HUD-insured loan carries a 35-year term and low, fixed rate.
Built in 2003, The Pointe at Kilpatrick in Cook County, Illinois, is located in a suburb south of Chicago. The facility sits on 3.12 acres and is licensed for 83 units and 122 total beds. Amenities of the affordable housing include a community room, living room with fireplace and aviary, library, therapy room, barber/beauty shop, jacuzzi spa, outdoor gazebo, landscaped courtyard and children’s play area, private dining room, resident laundry rooms, and spacious lounge areas to visit with family and friends.
“The Supportive Living Facility concept, with its comprehensive range of amenities and services in an affordable housing environment, provides a critical service to the senior care population in Illinois,” said Mr. Rosenstock. “Greystone’s unique expertise in HUD-insured financing for healthcare and senior housing property types, as well as our in-depth experience with affordable housing and LIHTC structures, makes us the right choice for solutions in the SLF space.”
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.