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Greystone Closes $300M Seniors Housing CLO, Industry’s First

Connect Healthcare is slated for October 29 and 30 at The Resort at Pelican Hill in Newport Beach, CA. Follow this link for more information and to register for the conference

New York-based Greystone closed the Greystone Commercial Real Estate Notes 2018-HC1, a $300-million CLO backed exclusively by bridge loans on healthcare-related properties. It is the industry’s first-ever CLO pool comprised solely of healthcare assets, particularly skilled nursing, assisted-living and independent-living facilities.

The initial collateral pool comprises 20 whole loans totaling $249.2 million, originated by Greystone and secured by mortgages on 25 skilled-nursing, assisted-living and independent-living facilities located in 12 states. The remaining $50.8 million of proceeds will be invested over the next 120 days into additional loans. The three-year actively-managed CLO provides a never-before available financing option for the skilled nursing sector.

Greystone’s Jeffrey Baevsky says, “Through this new CLO, Greystone has tapped into the strong demand for investment grade commercial real estate securities by introducing a first-ever healthcare transaction. We offered a combination of high credit-quality collateral with anticipated attractive returns, backed by Greystone’s 18-year experience as a leading financier working with investors, owners and operators in the healthcare real estate space.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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