Greystone Provides $25.2M Construction Financing for Mansion-to-Seniors Housing Conversion in Bay Shore, New York

by Jeff Shaw

BAY SHORE, N.Y. — Greystone has provided $25.2 million in HUD financing for the conversion of a historic mansion in the Long Island hamlet of Bay Shore into an assisted living and memory care community.

The project owners, Charles Ferraro and Nicholas Racanelli, recognized the south shore market as being underserved with quality assisted living and memory care services, and developed a plan to reimagine the original Gulden family homestead, Netherbay, into a state-of-the-art care facility that preserves the character of the 1800s mansion and estate grounds. The Gulden family oversaw the third largest mustard manufacturer in the country prior to the company’s acquisition by agricultural giant ConAgra Foods.

Netherbay at Bay Shore will include 72 individual rooms. Meridian Senior Living will operate the community. Netherbay will be located in the heart of Bay Shore near Lawrence Lake, the marina, Good Samaritan University Hospital, South Shore University hospital, and local shops and bakeries.

Racanelli Construction will build the community.

Greystone’s Lisa M. Fischman originated the long-term financing that converts from a construction loan to a 40-year, fully amortizing, nonrecourse, fixed -rate loan.

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