Greystone Provides $33 Million HUD Loan to Refinance Skilled Nursing Facility in Bronx, NY

GlobeNewswire

NEW YORK, June 24, 2014 (GLOBE NEWSWIRE) -- Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it provided a $32,616,000 HUD loan to refinance a 480-bed skilled nursing facility in Bronx, NY. The transaction was originated by Fred Levine, a senior mortgage originator at the firm.

The $33 million in FHA financing was provided for Bay Park Center for Nursing and Rehabilitation, a nursing home and rehabilitation center located on Co-op City Boulevard. Greystone previously provided financing for 801 Co-op City Blvd's acquisition of the facility with a bridge loan in 2008 and permanent HUD loan in 2009, now refinanced with this latest transaction. The facility is part of the SentosaCare Network in New York.

"Greystone's knowledge, staff stability and experience in financing for the skilled nursing industry is unparalleled," said Ben Philipson, President of SentosaCare. "We are thrilled to have been able to work with the same team from the acquisition bridge loan to the HUD takeout and now the refinancing. The Greystone team is familiar with our properties and is always bringing money saving ideas to our attention," he added.

"Having repeat transactions with clients such as SentosaCare is a testament to our team's ability to navigate the highly complex HUD lending landscape," said Betsy Vartanian, head of FHA lending at Greystone. "Refinancing in today's market will certainly benefit Bay Park Center for Nursing and Rehabilitation and its residents for years to come," she added.

Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending, #3 in Affordable Housing volume as a Fannie Mae DUS lender, and as a top-5 Freddie Mac lender for seniors housing.

About Greystone

Greystone is a financial services and private investment group whose original core business is multifamily real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone's mission is to apply unparalleled creativity while modeling corporate compassion. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information about Greystone's multifamily and healthcare financing solutions please visit http://www.greyco.com.

Contact:
PRESS CONTACT:
Karen Marotta
PR Manager, Greystone
212-896-9149
KMarotta@Greyco.com

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