NEW YORK, Sept. 14, 2022 (GLOBE NEWSWIRE) — Greystone’s skilled nursing financing team led by Scott Thurman, Head of FHA Production for Healthcare, recently closed over $32 million in bridge and HUD-insured loans to meet a range of needs, including acquisition financing and the refinancing of an SBA loan. Greystone, a private commercial real estate finance company, continues to rank #1* based on dollar volume of multifamily and healthcare Firm Commitments issued by the U.S. Department of Housing and Urban Development (HUD).
Greystone provided a $14 million bridge loan for the acquisition of a 155-bed skilled nursing facility in Chicago, IL. Greystone intends to pursue long-term, permanent financing for the asset with a HUD-insured loan. This transaction was originated by Christopher Clare of Greystone.
Mr. Thurman originated two separate loans to support the acquisition and stabilization of a 24-bed memory care facility in Portland, OR. Initially, Greystone structured a $5 million bridge loan and then, upon an increase in value for proven operations by the new owner, provided a $6.7 million permanent refinance and the buyout of an initial investor.
Additionally, Mr. Thurman closed a $7 million HUD-insured loan for a 24-unit board & care facility in Santa Clara County as a refinance of an existing SBA loan that was originally used for acquisition and expansion. As a result of Greystone’s guidance and deal structure, the long-term, permanent FHA loan resulted in nearly 100% of costs for the acquisition and addition covered by the new financing.
“With today’s market challenges, we need to ensure our clients’ transactions are structured with their long-term goals in mind,” said Mr. Thurman. “This is precisely why HUD financing is the ultimate exit for many asset owners, because the lower rate and longer terms enable them to optimize their investment and often extract their original equity when properly structured. At the same time, bridge financing often serves as an ideal short-term solution for many, which provides the flexibility and time to address any issues on the path to stabilization. Our bridge and HUD solutions complement each other well, and work together seamlessly.”
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.
*Based upon combined originations for HUD’s 2021 fiscal year by Greystone Servicing Company LLC and Greystone Funding Company LLC.