April 11, 2019
Greystone, has provided a $58.8-million HUD-insured loan to refinance the Hamptons Center for Rehabilitation & Nursing, a skilled nursing facility (SNF) in Southampton, NY. The transaction was originated by managing director Fred Levine at Greystone.
The non-recourse loan refinances and consolidates the asset’s existing debt. It carries a low, fixed interest rate, and 35-year term and amortization.
Comprising nine acres on the South Fork of Long Island in The Hamptons, the 280-bed Hamptons Center offers an array of specialized services and programs, including both short-term and long-term care and two separate, secure Alzheimer’s/dementia care units.
The facility is located on County Road 39, in proximity to affluent areas such as Sag Harbor, Bridgehampton and Sagaponack. The nearest SNF is 15 miles away.
“The HUD 232 program continues to be the most sought-after financing vehicle for skilled nursing home operators,” said Levine.
Connect New York is coming up on April 30! Click here to register for the event.
For comments, questions or concerns, please contact Paul Bubny