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Debt & Equity

Golden Gate’s bridge to HUD financing deal closes

Greystone provided a $20,659,400 HUD-insured permanent loan to refinance Golden Gate Rehabilitation & Health Care Center, a 238-bed skilled nursing facility on Staten Island.

The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, NY office. The facility is affiliated with the SentosaCare network.

The permanent FHA financing for Golden Gate carries both a 35-year term and amortization period at a low, fixed rate.

Greystone had previously arranged a bridge loan on the facility two years prior, and this HUD-insured financing represents a permanent exit from that interim loan.

Golden Gate is located in the Willowbrook neighborhood of Staten Island, just off of I-278 for access both from within the borough and from points beyond NYC.

The facility is ranked 5 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,” said Ben Philipson, co-founder, SentosaCare.

“SentosaCare-affiliated facilities are truly committed to patient care,” said Levine. “I’m honored to be the point person on the long-standing relationship Greystone has with SentosaCare and its principals.”

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