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Greystone Provides Refi on Indiana Seniors Housing

Greystone provided a $23.9-million HUD-insured loan to refinance Hubbard Hill, a newly-expanded 220-unit seniors housing and healthcare services campus in Elkhart, IN. The financing was originated by Lisa M. Fischman, VP in Greystone’s New York office on behalf of nonprofit Hubbard Hill Retirement Community.

The $23,862,700 HUD-insured section 223(a)(7) loan, which refinances the skilled nursing, assisted living, and memory care portion of the Hubbard Hill campus, carries a 30-year term with a low, fixed interest rate.

This permanent financing represents a refinance of a previous HUD loan and higher-rate construction financing used for an extensive expansion. As a result of Greystone’s execution, Hubbard Hill projects $280,000 in annual savings, in addition to reducing reserve escrows for the nonprofit.
“This was a very unique challenge, so we built the solution from scratch,” said Fischman. “HUD approved the process every step of the way.”

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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 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 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).

  • ◦Financing