YOUNGSTOWN, Ohio — Greystone has provided $15 million in bridge financing for the acquisition of two skilled nursing facilities in Youngstown, located near the Pennsylvania border approximately midway between Cleveland and Pittsburgh.
The buyer and seller were not disclosed.
The properties, Beeghly Oaks Center for Rehab and Healing and Oasis Center for Rehabilitation and Healing, have undergone significant renovations in recent years. The facilities offer subacute care, skilled nursing, pulmonary care, wound care, orthopedic rehabilitation, veterans program, concierge services and outpatient therapy. The Beeghly Oaks Center has a dialysis unit, and the Oasis Center offers diabetic management and a Parkinson’s program for residents and non-residents.
Greystone’s Fred Levine originated the loan. The acquisition was financed with a Greystone bridge loan platform, which the company recently expanded to a $2.5 billion total capacity. The non-recourse loan features a 24-month term with two six-month extensions, floating interest rate and full-term interest-only payments.