Greystone Provides $216M FHA 242 Loan for Rhode Island Healthcare System

Greystone has provided a $215,500,000 FHA 242 GNMA financing for Care New England Health System (CNE), a leading healthcare provider headquartered in Providence, RI. CNE was advised by Cornerstone Health Advisors LLC and the transaction was originated by Greystone managing director Brett Southworth.

CNE operates a three-hospital system totaling 749 beds across the state of Rhode Island. Loan proceeds will refinance CNE’s existing Series 2016B & C bonds and fund renovations and new construction projects,—including ambulatory facilities at Kent Hospital and renovations at Women & Infants Hospital. 

According to Greystone, the transaction is one of the largest FHA 242 loans in the program and features a first-of-its-kind co-borrower structure designed to preserve CNE’s existing obligated group, similar to structures commonly used in traditional markets. 

“We are thrilled that we were able to execute a financing that will help further the growth of Care New England,” said Southworth. “This transaction underscores Greystone’s leadership in healthcare finance and our ability to deliver innovative capital solutions in complex market environments.”