TEXAS — Greystone has provided a $31.5 million bridge loan for four skilled nursing facilities located across Texas.
Loan proceeds are being used to refinance Heritage Oaks Residence & Rehabilitation Center, a 204-bed facility in Arlington, and the 202-bed Quality Care of Waco in Waco. The funds will allow both facilities to expand their clinical services.
Additionally, two facilities in Coryell County will be acquired as part of the financing. Acquisitions include the 186-bed Westview Manor & Rehabilitation Center in McGregor, and the 112-bed Galleria Residence & Rehabilitation Center in Houston.
Fred Levine, managing director in Greystone’s Monsey, N.Y., office originated the transaction. The non-recourse loan carries an initial term of 24 months with two six-month extension options, as well as a floating interest rate and interest-only payments for the entire term.
Greystone is also underwriting a permanent HUD 232 loan for the properties, which is expected to close within nine to 12 months.