NEW YORK CITY — Greystone has provided a $59.8 million HUD-insured permanent loan for The Pavilion at Queens for Rehabilitation & Nursing, a skilled nursing facility in the Queens borough of New York City.
In 2015, Greystone arranged a highly leveraged bridge-to-HUD loan to finance the acquisition, renovation and rebranding of the 302-bed facility, which also includes a 40-bed ventilator-dependent unit and 12-chair dialysis center. The bridge loan allowed Kennedy Management, a healthcare company owned and operated by the Fuchs family, time to rebrand The Pavilion and improve operations until permanent financing with HUD was secured.
Fred Levine, of Greystone’s Monsey, N.Y. office, originated both loans. The HUD-insured financing for The Pavilion represents a permanent self-amortizing exit.
The renovated and rebranded Pavilion includes customized therapy services and amenities such as a dedicated concierge, resident lounges, music therapy, bedside iPads and valet parking.