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Nursing home inks $78M refinance

Greystone, a real estate lending, investment and advisory company, provided $78.5 million in HUD-insured financing for a skilled nursing facility in Woodbury, New York.

The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, NY office.
The $78,533,200 permanent FHA refinance carries a low, fixed interest rate and 30-year term and amortization. Greystone arranged a high-leveraged bridge loan for the acquisition in June 2016.

Located on Long Island, the 588-bed Cold Spring Hills Center for Nursing & Rehabilitation facility offers specialized services and programs that include clinical care, physical, occupational and speech therapies, amputee rehabilitation and memory care.

Multi-year renovations were completed to the property’s five connected residential buildings and additional office building in 2010.

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