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New York & Tri-State  + Long Island  + Healthcare  | 

Greystone Provides FHA Refi on Long Island SNF

Greystone provided a $71.3-million HUD-insured loan to refinance Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in the Long Island community of Massapequa, NY. The permanent FHA financing carries a 30-year term and 30-year amortization along with a low, fixed rate.

Fred Levine of Greystone arranged the loan. The refinancing enables the borrower to exit initial bridge financing used for the purchase in November 2017, and to continue with large scale renovations.

Originally constructed in 1974, Massapequa Center has undergone $8.5 million in facility upgrades. These include the installation of unique private suites with private showers, the addition of a new commercial kitchen, the creation of a large rehabilitation and wellness center, and comprehensive renovations to the entrance lobby, nurse stations and geriatric units.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

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