Greystone has provided $ 36.5 million in funding for three skilled nursing facilities totaling 488 beds in North Carolina. According to Durham County records, the borrower was CCH Healthcare, based in Lakewood, New Jersey.
Greystone’s Managing Director, Fred Levine, is behind the loans insured by US Housing and Urban Development.
Carver Living Center, located at 303 E. Carver St. in Durham, is the largest property in the portfolio, with 48 private rooms and 92 semi-private rooms with 232 beds. The property received a HUD 223 (f) loan of $ 17.2 million. The financing carries an interest rate of 2.69% over a 30-year term, according to HUD data.
Located at 237 Tryon Road in Rutherfordton, the second largest property in the portfolio is the Willow Ridge Rehabilitation and Living Center. The community received $ 11.4 million in funding. The loan has an interest rate of 2.69% and is expected to mature in 2051. The property has 136 beds with 20 private rooms and 58 semi-private rooms.
The Greens at Pinehurst Rehabilitation & Living Center is located at 205 Rattlesnake Trail in Pinehurst. The smaller facility in the portfolio received a 223 (f) HUD loan of $ 7.9 million with an interest rate of 2.47% over a 30-year term. The community has 120 beds in 68 units.
Care services and amenities
All properties offer long-term care and short-term rehabilitation, while some facilities also offer stroke and neurological care, respite care and memory care, as well as tracheostomy care services.
Each establishment offers gourmet meals, a beauty salon, renovated suites and lounges, and outdoor seating areas for its residents. Qualified nursing facilities also offer weekly outings, church services, and daily activities.
In May, Levine provided a $ 35 million loan for five skilled nursing facilities in Southeast Wisconsin. The HUD insured loans refinanced the existing debt on the properties.