Centers Health Care, one of the largest post-acute health care continuums in the Northeast, received $43.9 million in total HUD-assured funding for three skilled nursing facilities with a total of 323 beds in upstate New York.
The three institutions included in the financial package are: the Ontario Nursing and Rehabilitation Center in Canandaigua, NY ($11.4 million); Steuben Center for Nursing and Rehabilitation in Bath, NY ($20.2 million); and Corning Center for Nursing and Rehabilitation in Corning, NY ($12.3 million). Originating from three separate transactions, the 232(f) financings secured by HUD carry interest rates in the mid-2 years as well as long-term loan terms and amortization.
Greystone chief executive Fred Levine secured the funding on behalf of longtime client Centers Health Care. Levine said in a prepared statement that permanent funding allows the owner to secure long-term, low-rate financing for decades so it can focus on continuing to provide services to its communities.
Based in the Bronx, NY, Centers Health Care includes nearly 50 skilled nursing and rehabilitation facilities in New York, New Jersey, Rhode Island and Kansas. The Company’s services and facilities include home health care, managed long-term care, adult day health care, assisted living, two state-of-the-art kidney dialysis centers and centers emergency care, which provides medical care without an appointment. Established in 1996, the health care centers provide services and care to more than 9,000 long-term and short-term residents.
Greystone Deals
Earlier this year, Levine issued nearly $63 million in HUD-insured loans for Maybrook Holdings to refinance five skilled nursing facilities with a total of 622 beds in eastern Pennsylvania. The loans were all non-recourse, long-term, self-amortizing, and carried low, fixed interest rates for the life of the loans.
A month earlier, Levine secured a $71.3 million HUD-insured loan for the owners of the Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in Amityville, NY.