June 7, 2017
Kennedy Management has taken out a $59.8 million loan to refinance The Pavilion at Queens for Rehabilitation & Nursing, a skilled nursing facility in Queens, New York.
The new loan replaces a bridge loan that allowed Kennedy to buy the property in 2013. Greystone provided both loans.
“It all started with Greystone’s incredible execution of a complicated bridge loan that allowed us to acquire and make the needed investments in the facility,” said Joel Edelstein, CEO of Kennedy Management. “Ultimately, we outperformed HUD’s requirements and were able to attain the long-term financing we needed.”
Greystone provided a HUD-insured permanent loan to the 302-bed facility.
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