Greystone has provided a $71.3 million HUD-insured loan to refinance Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in Long Island, New York.
The transaction was originated by Fred Levine of Greystone.
The $71,280,000 permanent FHA financing carries a 30-year term and 30-year amortization along with a low, fixed rate.
The refinancing enables the borrower to exit initial bridge financing used for the purchase in November 2017, and to continue with large scale renovations.
Originally constructed in 1974, Massapequa Center has undergone $8.5 million in facility upgrades, including the installation of unique private suites, the a new commercial kitchen, a rehabilitation and wellness center, and 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.
The facility is known for its exclusive therapy programs, with recreational and lifestyle amenities available on-site to its residents provided by highly skilled staff.
“We work tirelessly to provide extraordinary service and expertise for our borrowers. It’s extremely gratifying when repeat borrowers recognize the excellence our team provides,” said Levine. “I’m excited that we were able to provide the liquidity needed to help the Massapequa Center.”
“The Greystone team proved once again that they go above and beyond. Their expertise brought us the best financing terms quickly, while enabling us to stay focused on providing an amazing product to our residents,” said Joel Edelstein, chief executive officer of Massapequa Center.