Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $20.6 million HUD-insured permanent loan to refinance Golden Gate Rehabilitation & Health Care Center, a 238-bed skilled nursing facility in Staten Island, N.Y., the company announced in a press release.
The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, N.Y., office. The facility is affiliated with the SentosaCare network.
“SentosaCare-affiliated facilities are truly committed to patient care,” Levine said in the release. “I’m honored to be the point person on the long-standing relationship Greystone has with SentosaCare and its principals.”
The permanent FHA financing for Golden Gate Rehabilitation Center carries both a 35-year term and amortization period at a low, fixed rate. Greystone previously arranged a bridge loan on the facility two years prior, and this HUD-insured financing represents a permanent exit from that interim loan.
The facility is ranked five stars by Medicare, the highest possible ranking. Golden Gate offers services including short-term rehabilitation; long-term residential care; physical therapy; occupational and speech therapy; and neuro and orthopedic rehabilitation.
“Many lenders promote bridge-to-HUD financing, but Greystone delivers time and time again,” SentosaCare co-founder Ben Philipson said.