January 16, 2020
Greystone provided a $71.3-million HUD-insured loan to refinance Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in the Long Island community of Massapequa, NY. The permanent FHA financing carries a 30-year term and 30-year amortization along with a low, fixed rate.
Fred Levine of Greystone arranged the loan. The refinancing enables the borrower to exit initial bridge financing used for the purchase in November 2017, and to continue with large scale renovations.
Originally constructed in 1974, Massapequa Center has undergone $8.5 million in facility upgrades. These include the installation of unique private suites with private showers, the addition of a new commercial kitchen, the creation of a large rehabilitation and wellness center, and comprehensive renovations to the entrance lobby, nurse stations and geriatric units.
For comments, questions or concerns, please contact Paul Bubny