Greystone, a leading national commercial real estate finance company, has provided a $17.3 million HUD-insured loan to refinance a 214-bed skilled nursing facility in Nassau County, Long Island, New York. The financing was originated by Fred Levine, Managing Director in Greystone’s New York office.

The $17,349,000 HUD-insured Section 223(a)(7) financing carries a 33-year term and 40-year amortization, along with a low, fixed interest rate. The state-of-the-art facility for advanced rehabilitation and nursing, located on Long Island’s North Shore, was built in 1972. The facility serves those who require complex medical care, cardiac care, post-surgery orthopedic rehabilitation and physical and occupational therapy.

“We reduced the borrower’s interest rate, extended their amortization period, and raised significant funds to renovate the facility. Additionally, we refinanced and funded renovations while reducing their debt service payments. This transaction was a win-win for the borrower overall,” said Mr. Levine.

Greystone, a leading national commercial real estate finance company, and Greystone Bel Real Estate Advisors, teamed up to close the sale of, and provide financing for, a multifamily property acquisition in Marquette, Michigan. The sale was closed by Cary Belovicz of Greystone Bel, who represented both the seller and buyer, and the 85% LTV financing was originated by John Marr, Managing Director, and Reuben Dolny, Vice President, of Greystone.

The $7.3 million in HUD-insured acquisition financing for Woodview Village includes a low, fixed rate and 35-year term that is fully amortizing after 35 years. The 124-unit property, located just over a mile from downtown Marquette, is 100% occupied and comprises primarily one- and two-bedroom units. The property, made up of two non-contiguous parcels, is spread over 8.2 acres and 13 total buildings and has been renovated and upgraded in the last several years, enabling the property to further qualify for HUD’s Green Mortgage Insurance Premium (MIP) program for an even lower interest rate.

“It’s unique to complete a HUD acquisition loan, given the timeline to close can be a bit longer than is desired for a sale, but the buyer was flexible, and with today’s market conditions changing on a dime and the additional savings from Green MIP, it absolutely worked in their favor,” said Mr. Marr. “There’s no question that FHA’s long-term, low-rate financing is one of the best options on the market.”

“This transaction was a full collaboration between the sales advisory team, our debt team, and HUD,” added Mr. Dolny.

“When we can provide clients with end-to-end service from sales to financing, and meet all of their needs, we have achieved our goal of being the unrivaled CRE partner in the industry,” said Mr. Belovicz.

“We are extremely happy with the overall experience working with the Greystone and Greystone Bel teams and the historically low terms that we were able to secure for our investors on this transaction,” said David Kamara, Managing Director of Cape Sierra Capital, the buyer.

Greystone, a leading national commercial real estate finance company, has provided a $17.2 million HUD-insured loan to refinance a 103-unit skilled nursing facility in Tucson, Arizona. The financing was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Eli Atkin & Shua Seif of Sapphire Estates Properties LLC.

The $17,181,200 HUD-insured Section 223(a)(7) financing carries a new 40-year term along with a low, fixed interest rate, creating true cash flow upside, given the debt service savings. Located in Pima County, Sapphire Estates Rehab Centre consists of comprehensive skilled nursing services, as well as physical, occupational and speech therapy. The property, built in 2016, offers amenities for residents including a fitness center, spacious dining areas, and outdoor recreational activities.

“This asset is a shining example of the type of facility the skilled nursing sector needs and demands for the modern resident,” said Mr. Rosenstock. “It’s always a pleasure to be able to help clients get the benefits of HUD-insured financing, and with today’s still-fairly low rates, it’s absolutely a smart move to restructure their capital stacks to a more cost-efficient position.”

“Arizona has been greatly impacted by the pandemic, and it’s been our duty to keep residents safe. Since Sapphire Estates is their home, we want to ensure it is continually invested in and upgraded, and this low-rate financing will enable us to do that,” said Mr. Shua Seif, CEO of Sapphire Estates. “Eric Rosenstock’s assistance with this HUD financing has been integral to our long-term plan for Sapphire Estates, and we thank him for his continued guidance.”

Greystone, a leading national commercial real estate finance company, has provided a $43 million HUD-insured loan to refinance a 396-unit multifamily property in Port St. Lucie, Florida. The financing was originated by Reuben Dolny, a senior mortgage banker and Vice President in Greystone’s New York office, on behalf of K&J Residential Group.

The non-recourse $43,000,000 HUD-insured financing carries a 35-year term and 35-year amortization, along with a fixed interest rate in the very low 2%’s. The property is Energy Star certified and was able to patriciate in HUD’s reduced mortgage insurance premium Green MIP program. Kitterman Woods, located in Port St. Lucie, consists of 25, three-floor buildings with one-, two-, and three-bedroom units. Built in 2007 by KD Construction of Florida, an affiliate construction firm of K&J. Property amenities include an exercise room, community room, two swimming pools, tennis, basketball, and volleyball courts, dog park, playground, and a car care center.

“We are always grateful when clients return to Greystone for their financing solutions,” said Mr. Dolny. “We have completed numerous successful financings for K&J, and always strive for the client to receive the absolute best terms and execution. Long-term, fixed, low-rate financing, combined with a well-run property in a strong market is a recipe for long term success.”

“We relied on Reuben and his team to execute phenomenal terms for this refinance, and we look forward to continuing our relationship with Greystone,” Karl Davis, principal at K&J.

Greystone, a leading national commercial real estate finance company, has provided a $30 million HUD-insured loan to refinance a 174-unit affordable seniors housing property in Pomona, California. The transaction was originated by Shana Daby, a managing director with Greystone, on behalf of AMCAL.

The $29,894,900 million HUD-insured Section 223(f) loan refinances the property at a low, fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property.

Originally constructed by the borrower in 2002, Serenity Villas is an age- and income-restricted apartment community for adults aged 55 years and older. Set across six mid-rise elevator buildings, the pet-friendly property offers one- and two-bedroom units, including Section 8 voucher units, with modern appliances, washer-dryer hook ups, private outdoor living spaces and onsite parking. Residents also have access to the gated community’s clubhouse, business center, spa, laundry room and picnicking area. Located in the San Gabriel Valley of Los Angeles County, the property is near the area’s hospitals, retailers and public transportation, and offers easy access to state highways and thoroughfares.

“No matter where their projects are located, our clients rely on us for financing solutions that will enable them to flex as markets evolve,” said Ms. Daby. “Our clients know they can count on Greystone’s extensive HUD lending platform and our unparalleled experience in the affordable housing sector for a seamless and superior transaction experience on every multifamily project.”

“We know that when we turn to Greystone, Shana and her team will understand exactly what we need and how to get it done,” said Michael McCloud, VP of AMCAL, a long-time client of the company. “We keep coming back to Greystone because of its commitment to the multifamily space, and in particular to affordable housing. Greystone makes it easy for us to do our business.”

Greystone, a leading national commercial real estate finance company, has provided a $28.4 million HUD-insured loan to refinance a 198-unit multifamily property in Pembroke Park, Florida. The financing was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Centennial Management.

The $28,425,000 HUD-insured financing carries a 35-year term, along with a low, fixed interest rate. Pembroke Gardens, located in Broward County, consists of thirteen, two-floor detached buildings with one-, two-, and three-bedroom units, and the property is income-restricted to residents earning 60% of Area Median income (AMI). Built in 2001, property amenities include a clubhouse / community room, swimming pool and hot tub, two picnic / play areas, on-site laundry facilities, and gated access.

“It has been a pleasure to work with Lewis over the years on improving his real estate debt portfolio and extracting value from the many quality assets he’s developed over the past few decades with sophisticated financings,” said Mr. Rosenstock. “Greystone’s diverse multifamily solutions, particularly our #1 industry HUD execution, are ideal for borrowers seeking a strategic approach to short- or long-term financing.”

“Eric and his team have proved invaluable to my real estate portfolio in helping to realize the benefits of HUD financing over many transactions,” said Mr. Lewis V. Swezy, principal of Centennial Management. “The volume that Eric’s team does is not by chance, rather is a testament to his expertise.”