A historic homestead in Long Island’s Bay Shore will be transformed into a new Assisted Living and Memory Care community financed by a HUD-insured loan from Greystone. The $25.2 million construction loan is the only healthcare construction loan in the United States approved by HUD in 2022.

The project will reimagine the original Gulden’s Mustard family homestead, Netherbay, into a state-of-the-art care facility with 72 individual rooms dedicated to Memory Care and advanced Assisted Living residents.  

Operated by Meridian Senior Living, the community will apply Montessori principles to provide hands-on interventions and rehabilitation for residents. Originated by Greystone’s Lisa M. Fischman, the long-term construction-to-permanent financing converts from a construction loan to a 40-year, fully amortizing, non-recourse, fixed, low-rate loan.