PITTSBURGH — Greystone has provided $19.5 million in bridge financing for the acquisition of Squirrel Hill Center for Rehabilitation and Health in Pittsburgh.
The borrower is Squirrel Hill PA Realty LLC. The property is an eight-story, 178-bed skilled nursing facility, and will be renamed The Squirrel Hill Wellness & Rehabilitation Center. It was originally built in 1964 and is currently undergoing refurbishing and improvements.
Fred Levine of Greystone originated the non-recourse, floating-rate loan. The financing features a 24-month term, two six-month extension options and interest-only payments for the life of the loan. The borrower intends to refinance the bridge loan with a fixed-rate, HUD-insured permanent takeout loan.