October 12, 2018 Comments Off on Greystone Closes $300M Seniors Housing CLO, Industry’s First Views: 3708 National News, New York News, Northeast

Greystone Closes $300M Seniors Housing CLO, Industry’s First

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New York-based Greystone closed the Greystone Commercial Real Estate Notes 2018-HC1, a $300-million CLO backed exclusively by bridge loans on healthcare-related properties. It is the industry’s first-ever CLO pool comprised solely of healthcare assets, particularly skilled nursing, assisted-living and independent-living facilities.

The initial collateral pool comprises 20 whole loans totaling $249.2 million, originated by Greystone and secured by mortgages on 25 skilled-nursing, assisted-living and independent-living facilities located in 12 states. The remaining $50.8 million of proceeds will be invested over the next 120 days into additional loans. The three-year actively-managed CLO provides a never-before available financing option for the skilled nursing sector.

Greystone’s Jeffrey Baevsky says, “Through this new CLO, Greystone has tapped into the strong demand for investment grade commercial real estate securities by introducing a first-ever healthcare transaction. We offered a combination of high credit-quality collateral with anticipated attractive returns, backed by Greystone’s 18-year experience as a leading financier working with investors, owners and operators in the healthcare real estate space.”

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