Renovation Complete, $29M Refi for Sapphire Center

The renovation is finished at the Sapphire Center for Rehab & Nursing of Central Queens, a skilled nursing facility in Flushing, NY.

Sapphire Care Group celebrated by refinancing its property with a $29 million, permanent, U.S. Housing and Urban Development loan provided by Greystone. The new loan replaces a highly-leveraged Bridge-to-HUD loan that Sapphire used to finance the acquisition and renovation of the 227-bed facility in 2015.

“The Bridge loan allowed us to purchase a tired facility, renovate, add a modern rehabilitation center and completely rejuvenate the facility,” said Aryeh Platschek, principal of Sapphire.

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