Greystone Provides $16.5M HUD Refinancing for Skilled Nursing Facility in Western New York

by Jeff Shaw

DUNKIRK, N.Y. — Greystone has provided a $16.5 million HUD-insured permanent loan to refinance Chautauqua Nursing & Rehabilitation Center, a skilled nursing facility.

Chautauqua Nursing & Rehabilitation Center is a 216-bed skilled nursing facility located in the Western New York city of Dunkirk on Lake Erie in close proximity to State University of New York at Fredonia. The facility provides a range of services including rehabilitation services such as physical, occupational, and speech therapy, as well as memory care, music therapy, palliative care, respite and hospice services.

The long-term FHA financing represents a permanent exit from a bridge loan provided by Greystone in 2015 VestraCare’s acquisition of the property. The loan carries a 33-year term and amortization at a fixed rate.

Fred Levine, managing director in Greystone’s Monsey office, originated the transaction.

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