GERMANTOWN, Tenn., and OLIVE BRANCH, Miss. — Greystone has provided a total of $29.4 million in HUD-insured loans for two affiliated senior living facilities in Tennessee and Mississippi.
In the first transaction, Greystone executed a $12.2 million loan for Germantown Plantation Senior Living. The 106-unit community is located in Germantown, a suburb of Memphis, and offers assisted living services.
The HUD 232/223(a)(7) loan, which is the refinancing of an existing HUD loan, features a 40-year term and amortization. In addition to refinancing existing debt at a lower rate, the loan also provides funds for capital expenditure improvements.
For the same undisclosed borrower, Greystone used HUD’s Interest Rate Reduction (IRR) program. The move reduced the interest rate on $17.2 million in financing that Greystone previously secured in 2017 for Silvercreek Senior Living Community in Olive Branch.
Built in 2011, the property is also in the Memphis metro area. The community offers 99 studio, one- and two-bedroom units with independent and assisted living services.
Lisa Fischman in Greystone’s New York office originated the transaction. The transactions enabled the borrower to take advantage of the current low-rate environment and lock in long-term financing at historically low, fixed interest rates, according to Greystone.