NY MOB Lands $17M Loan

The long-term FHA loan represents a permanent exit from a bridge loan that Greystone provided in 2015 for VestraCare's acquisition of the skilled nursing facility.

Chautauqua Nursing & Rehabilitation Center in Dunkirk, N.Y.
Chautauqua Nursing & Rehabilitation Center in Dunkirk, N.Y.

Greystone has provided a $16.5 million HUD-insured permanent loan to refinance Chautauqua Nursing & Rehabilitation Center, a skilled nursing facility in Dunkirk, N.Y. Fred Levine, managing director in Greystone’s Monsey, N.Y., office, arranged the transaction. The long-term FHA financing represents a permanent exit from a bridge loan provided by Greystone in 2015 for VestraCare’s acquisition of the property. The HUD-insured loan carries a 33-year term and amortization at a low, fixed rate.

The property is a 216-bed skilled nursing facility located on Lake Erie. The medical office facility provides a range of services including rehabilitiative physical, occupational and speech therapy, as well as memory care, music therapy, palliative care, respite and hospice services.   

“FHA-insured financing enables lenders like Greystone to make critical investments in facilities that improve public health and serve vulnerable populations including seniors,” said Joan Spilman, director of HUD’s Buffalo field office, in a prepared statement. “The Chautauqua Nursing & Rehabilitation Center is a great example of how public/private partnerships are revitalizing upstate communities.”

In October, Greystone secured a five-year, 4.25 percent, fixed-rate acquisition loan for a 162,000-square-foot office building in Houston.

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