Home Nurse Facilities Greystone generates $37 million for skilled nursing facilities

Greystone generates $37 million for skilled nursing facilities

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Carver Life Center. Picture via Google Maps

Greystone provided a financial package of $36.5 million 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, originated 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 $17.2 million HUD 223(f) loan. 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 facility in the portfolio is 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 smallest facility in the portfolio received a $7.9 million HUD 223(f) loan 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 neurology care, respite and memory care, and tracheostomy care services.

Each property offers gourmet dining, a beauty salon, updated suites and lounges, and outdoor sitting areas for its residents. Skilled nursing facilities also offer weekly outings, religious services, and daily activities.

In May, Levine issued a $35 million loan for five skilled nursing facilities in southeastern Wisconsin. HUD-insured loans refinanced existing debt on the properties.