ROCKWALL, Texas — Greystone has provided $12.8 million in bridge financing for the acquisition of Highland Meadows Health & Rehab, a 120-bed skilled nursing facility in Rockwall, located on Lake Ray Hubbard northeast of Dallas.
DJ Elefant, vice president at Greystone, originated the financing on behalf of HACO Properties LLC. Helios Healthcare Advisors served as the debt broker in the transaction.
The nonrecourse bridge financing from Greystone features a 24-month term with one 12-month extension option and interest-only payments for the full term. Greystone has already begun working with the new owner to follow a path in exiting the interim financing with a long-term HUD-insured permanent loan.
The five-star rated facility, operated by HACO Health Solutions, provides both private and semi-private residential units.