104
WELLSVILLE, N.Y. — Greystone has provided a $7 million bridge loan to refinance acquisition debt for a 137-bed assisted living facility in Wellsville.
Willow Ridge Senior Living LLC, led by principals Michael and Cayelan Morris, acquired the Allegany County facility in August 2021. Formerly known as Manor Hills, the property also includes 22 memory care beds in a separate wing.
Greystone intends to pursue HUD-insured financing as a long-term permanent exit of the bridge financing. This nonrecourse, interest-only bridge loan includes an initial 24-month term with two six-month extensions.