Greystone, a national commercial real estate finance company, recently provided a $13,698,300 HUD-insured loan to refinance a 122-bed supportive living facility (SLF) in Crestwood, Ill., according to a press release.

The financing was originated by Eric Rosenstock, managing director at Greystone, on behalf of “The Pointe at Kilpatrick.”

Illinois developed the supportive living program as an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing. Greystone’s HUD-insured loan carries a 35-year term and low, fixed rate.

Built in 2003, “The Pointe at Kilpatrick” (Cook County) is located in a suburb south of Chicago. The facility sits on 3.12 acres and is licensed for 83 units and 122 total beds. Amenities include a community room, living room with fireplace and aviary, library, therapy room, barber/beauty shop, jacuzzi spa, outdoor gazebo, landscaped courtyard and children’s play area, private dining room, resident laundry rooms, and lounge areas to visit with family and friends.

“The SLF concept, with its comprehensive range of amenities and services in an affordable housing environment, provides a critical service to the senior care population in Illinois,” Rosenstock said in the release. “Greystone’s unique expertise in HUD-insured financing for healthcare and senior housing property types, as well as our in-depth experience with affordable housing and Low-Income Housing Tax Credit (LIHTC) structures, makes us the right choice for solutions in the SLF space.”