NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $46,700,000 bridge-to-HUD loan to refinance a portfolio of five seniors housing properties with 153 beds in total in Minnesota. The financing was originated by David Young, Managing Director at Greystone. Chris Clare, Ryan Harkins, Ben Rubin, Parker Nielsen, and Liam Gallagher assisted on the transaction.
The properties, consisting of 97 assisted living and 56 memory care beds, are located throughout the Minneapolis–St. Paul metropolitan area, and are managed by an experienced regional seniors housing provider. The communities have benefited from consistent rate growth in recent years.
Structured as a 24-month, interest-only bridge loan with two six-month extension options, the financing enables the borrower to refinance existing bond debt and positions the portfolio for permanent HUD financing.
“Greystone’s bridge-to-HUD platform helps create a smooth transition from short-term refinancing to long-term financing,” said Mr. Young. “We are pleased to support this portfolio with a solution that satisfies an immediate need while we work to secure permanent HUD financing for our client.”
About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC.