Greystone provides $54m in HUD- insured financing for two skilled nursing facilities in Queens, NY
Queens, NY — Greystone, a real estate lending, investment and advisory company, announced it has provided $54.24 million in HUD-insured mortgage loans to refinance two skilled nursing facilities in Queens, NY. The separate transactions were originated by Fred Levine, managing director in Greystone’s Monsey office. Brookhaven Rehabilitation and Healthcare Center in Far Rockaway and Cypress Garden Center for Nursing & Rehabilitation in Flushing received 30-year self-amortizing FHA loans at low, fixed rates. Brookhaven Rehab, a 298-bed facility refinanced for $21.92 million. Cypress Garden is a 278-bed facility refinanced for $32.32 million. Both facilities are part of the SentosaCare network. “I always appreciate the confidence and certainty of execution with which Greystone shepherds us through the HUD loan process. It’s been a pleasure to secure long-term permanent financing for a growing portfolio of assets and being able to focus on the resident experience,” said Ben Philipson of SentosaCare. “Brookhaven Rehab and Cypress Garden are both unique facilities in that they are quite large, but also very specialized and personable for each of their focused resident groups, whether it is for nutrition or palliative care or a culturally accommodating environment,” said Levine. “By securing this long-term financing for both facilities, the borrowers can continue to invest in them for the benefit of the residents and continue to provide services that are in great need for the Queens community.” Greystone has launched a CMBS mezzanine loan platform to complement its existing CMBS platform. The new mezzanine loan product is intended to accompany a newly-originated CMBS first mortgage loan from Greystone. Terms for Greystone CMBS mezzanine loans include: • Loan size of $500,000 to $5 million • 5- and 10-year terms; same as first mortgage • 75-85% LTV • Interest-only, or consistent with senior mortgage loan • 12-15% coupon varying with LTV, DSCR, market and sponsor • Non-recourse “This mezzanine loan product meets a need for capital that is overlooked by traditional providers of mezzanine financing due to the smaller size – yet it’s still a critical component of the capital stack,” said Rob Russell, Head of CMBS production at Greystone. “Combining the flexibility of CMBS with Greystone’s capabilities to execute mezzanine financing for our clients make this a game-changing loan product.” In other Greystone news, Ken Rogozinski has joined Greystone Bassuk, one of its real estate advisory companies, as an executive managing director. In this newly created role, Rogozinski will help expand Greystone Bassuk’s Agency origination capabilities with a focus on developing cutting-edge solutions for the group’s large and sophisticated client base. In addition, Rogozinski will also help build structured debt products and complex, specialized financing solutions for real estate owners and developers seeking debt and equity for construction and portfolio refinancing of multifamily and mixed-use assets. Rogozinski was most recently chief credit officer and a co-founder of Dreadnought Capital Management, an SEC registered investment advisor.