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ELKHART, Ind. — Greystone has provided a $23.8 million HUD-insured loan to refinance Hubbard Hill, a nonprofit continuing care retirement community (CCRC) in Elkhart, located near the Michigan border east of South Bend.
The community recently expanded to 220 units of independent living, assisted living, memory care, skilled nursing and short-term rehabilitation on its 70-acre campus.
Greystone’s Lisa Fischman originated the financing, which carries a 30-year term and fixed interest rate. The loan refinances a previous HUD loan, and represents $280,000 in annual savings.