NEW YORK CITY — Greystone’s New York City-based skilled nursing financing team led by Scott Thurman has provided over $32 million in bridge and HUD-insured loans for skilled nursing facilities throughout the country.
In the first deal, Greystone provided a $14 million bridge loan for the acquisition of a 155-bed skilled nursing facility in Chicago. Greystone intends to pursue long-term, permanent financing for the asset with a HUD-insured loan. Christopher Clare of Greystone originated the transaction.
Thurman originated two separate loans to support the acquisition and stabilization of a 24-bed memory care facility in Portland, Oregon. Initially, Greystone structured a $5 million bridge loan and then, upon an increase in value for proven operations by the new owner, provided a $6.7 million permanent refinancing and the buyout of an initial investor.
In a third transaction, Thurman originated a $7 million HUD-insured loan for a 24-unit board and care facility in Santa Clara County, California, as a refinancing of an existing SBA loan that was originally used for acquisition and expansion. As a result of Greystone’s guidance and deal structure, the long-term, permanent FHA loan resulted in nearly 100 percent of costs for the acquisition and addition covered by the new financing.