CLARENCE CENTER, N.Y. — Greystone has provided an $8.6 million construction loan for the expansion of Bristol Village, an 84-unit, 110-bed assisted living and memory care community in Clarence Center, approximately 20 miles northeast of Buffalo.
The fixed-rate loan will fund the construction of 23,000 square feet of residential and community spaces, which will include 32 additional beds. The facility was originally constructed in 2003.
The loan will convert to permanent financing when the expansion project is completed and will run concurrent with the property’s existing HUD-insured loan, which Greystone originated in 2011. Lisa Fischman of Greystone arranged the new loan.