Greystone Provides $29 Million HUD Loan for Skilled Nursing Facility in New York City

NEW YORK CITY — Greystone, a real estate lending, investment and advisory company, has provided a $29 million HUD-insured permanent loan for Sapphire Center for Rehab & Nursing of Central Queens, a skilled nursing facility in the Flushing area of Queens.

In 2015, Greystone arranged a highly leveraged bridge-to-HUD loan to finance the acquisition and renovation of the 227-bed facility. The bridge loan provided Sapphire Care Group time to rebrand the facility and improve operations until it was ready for permanent financing with HUD.

Fred Levine of Greystone’s Monsey, N.Y., office originated both financing transactions.

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