Greystone, a leading national commercial real estate finance company, has provided a $ 15.8 million bridge loan for the acquisition of a nursing campus, of memory and personal care in Erie, PA. Funding was initiated by Fred Levine, Managing Director of Greystone.
The purchase of Sainte-Marie-East renowned Nightingale Nursing and Rehabilitation Center, has been secured by a two-year, interest-only, short-term, variable-rate loan which Greystone will endeavor to transition to permanent funding provided by HUD. The complex comprises six buildings comprising 139 specialized nursing beds, of which 39 are dedicated to memory care residents; 131 approved personal care beds; and 91 residential housing units.
“This is the first step in the process of transitioning to the HUD and continuing our commitment to providing liquidity to healthcare providers,” said Mr. Levine.
“We see a lot of potential in the old St. Mary’s East campus, in part due to the large number of private rooms for residents,” said Dov Braun, principal borrower. “Implementing our operational plans and enhanced resident care programs to continue and strengthen Saint Mary’s reputation for exceptional resident care is our priority. “
Greystone is a national private commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, having been ranked among the top lenders by FHA, Fannie Mae and Freddie Mac in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone.