AMITYVILLE, N.Y. — Greystone has provided a $71.3 million HUD-insured loan to refinance Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in the Long Island village of Amityville.
Fred Levine of Greystone originated the transaction. The financing carries a fixed rate, 30-year term and 30-year amortization.
The refinancing enables the borrower to exit initial bridge financing used to acquire the property in November 2017, and to continue with renovations.
Originally constructed in 1974, Massapequa Center has undergone $8.5 million in facility upgrades, including the installation of private suites with private showers, the addition of a new commercial kitchen, the creation of a large rehabilitation and wellness center, and comprehensive renovations to the entrance lobby, nurse stations and geriatric units.
As a family-owned and -operated rehabilitation center, Massapequa Center offers high quality long- and short-term care, adult day care and dementia care, as well as a stroke rehabilitation center.