Real Estate Weekly
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Debt & Equity

Nursing home refinance

Eastern Union’s Shaya Ackerman arranged the refinance of a nursing home in Flushing, the 280-bed Union Care Plaza Center, located at 33-21 Union Street.

The 12-year loan closed with a fixed annual interest rate of 3.25 percent. The deal’s previous annual interest rate was 9.5 percent, which has been reduced in this refi.

The HUD loan refinances an asset constructed by David Marx 18 years ago. Since then, Marx has become a household name in New York real estate, accruing a large number of healthcare, multifamily units, and office space in New York City.

Marx also made a more recent push into the hotel industry. He has three hotels under development in New York, including a land deal for what will be an AC By Marriott servicing LaGuardia airport, also negotiated by Ackerman in May of this year.

“HUD loans typically take 6-12 months. We were able to get this started, structured, and closed in under four months,” Ackerman said.

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