There were 33 press releases posted in the last 24 hours and 170,732 in the last 365 days.

Greystone Refinances Long Island Skilled Nursing Facility for $71.3 Million

/EIN News/ -- NEW YORK, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $71.3 million HUD-insured loan to refinance Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in Long Island, New York. The transaction was originated by Fred Levine of Greystone.  

The $71,280,000 permanent FHA financing carries a 30-year term and 30-year amortization along with a low, fixed rate. The refinancing enables the borrower to exit initial bridge financing used for the purchase in November 2017, and to continue with large scale renovations.

Originally constructed in 1974, Massapequa Center has undergone $8.5 million in facility upgrades, including the installation of unique private suites with private showers, the addition of a new commercial kitchen, the creation of a large rehabilitation and wellness center, and comprehensive renovations to the entrance lobby, nurse stations and geriatric units.

As a family-owned and operated rehabilitation center, Massapequa Center offers high quality long- and short-term care, adult day care and dementia care, as well as a stroke rehabilitation center. The beautifully landscaped facility is known for its exclusive therapy programs, with recreational and lifestyle amenities available on-site to its residents provided by highly skilled staff.

“We work tirelessly to provide extraordinary service and expertise for our borrowers. It’s extremely gratifying when repeat borrowers recognize the excellence our team provides,” said Mr. Levine. “I’m excited that we were able to provide the liquidity needed to help the Massapequa Center provide spectacular nursing care in a beautiful environment.”

“The Greystone team proved once again that they go above and beyond. Their expertise brought us the best financing terms quickly, while enabling us to stay focused on providing an amazing product to our residents,” said Joel Edelstein, chief executive officer of Massapequa Center.

“We chose Greystone because their dedication to service mirrors our own: we treat our residents like family and will do whatever it takes to provide them with the best care,” said Bernie Fuchs, president and patriarch of the family. “Every resident here knows that they will be treated as I would want my mom to be treated.”

About Greystone
Greystone is a real estate lending, investment, and advisory 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. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greyco.com.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com

Primary Logo


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.