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Chicago & Midwest   /   February 10, 2021

Paul Bubny
By: Paul Bubny

Greystone Provides Refi on Indiana Seniors Housing

Greystone provided a $23.9-million HUD-insured loan to refinance Hubbard Hill, a newly-expanded 220-unit seniors housing and healthcare services campus in Elkhart, IN. The financing was originated by Lisa M. Fischman, VP in Greystone’s New York office on behalf of nonprofit Hubbard Hill Retirement Community.

The $23,862,700 HUD-insured section 223(a)(7) loan, which refinances the skilled nursing, assisted living, and memory care portion of the Hubbard Hill campus, carries a 30-year term with a low, fixed interest rate.

This permanent financing represents a refinance of a previous HUD loan and higher-rate construction financing used for an extensive expansion. As a result of Greystone’s execution, Hubbard Hill projects $280,000 in annual savings, in addition to reducing reserve escrows for the nonprofit.

“This was a very unique challenge, so we built the solution from scratch,” said Fischman. “HUD approved the process every step of the way.”

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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