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Greystone Provides HUD Financing on Long Island SNF

Greystone has provided $78.5 million in HUD-insured financing on a skilled nursing facility complex in the Long Island community of Woodbury, NY. The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, NY office.

The permanent FHA refinance on Cold Spring Hills Center for Nursing & Rehabilitation carries a low, fixed interest rate and 30-year term and amortization. Greystone arranged a high-leveraged bridge loan for the acquisition in June 2016.

The 588-bed facility offers an array of specialized services and programs, including clinical care; physical, occupational and speech therapies; amputee rehabilitation; pulmonary / ventilator care; cardiac care; and memory care. It’s part of the Excelsior Care Group network in the tri-state area.

Significant, multi-year renovations were completed to the property’s five, interconnected residential buildings  and additional office building in 2010.

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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