Greystone Places $36M Financing on St. Louis-Area Seniors Project
Greystone placed $35.9 million in construction financing for a 150-unit independent living, assisted living, and memory care community in the St. Louis suburb of Chesterfield, MO.
The transaction was handled by Greystone’s seniors housing capital markets team, including Matt Miller and Tyler Armstrong, on behalf of a joint venture between Shelbourne Healthcare and Cedarhurst.
The construction financing, closed with a large regional bank, includes a 5-year term. The planned property will include 37 assisted living units, 17 memory care units, and 96 independent living units.
“Whatever our clients’ capital needs may be, we strive to find a solution to help them meet their goals,” said Cary Tremper, head of Greystone’s seniors housing capital markets team. “From construction to long-term, permanent financing, we are able to find provide or place the best fitting capital solution. We are thrilled to have worked on this new project with Shelbourne and Cedarhurst.”
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).