World News: 16:03 GMT Tuesday 14th January 2020. [Greystone via Globe Newswire via SPi World News]
NEW YORK, Jan. 14, 2020 (GLOBE NEWSWIRE) -- , a leading national commercial real estate lending, investment, and advisory company, has provided a $71.3 million HUD-insured loan to refinance Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in Long Island, New York. The transaction was originated by Fred Levine of Greystone.
The $71,280,000 permanent FHA financing carries a 30-year term and 30-year amortization along with a low, fixed rate. 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, including 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.
As a family-owned and operated rehabilitation center, Massapequa Center offers high quality long- and short-term care, adult day care and dementia care, as well as a stroke rehabilitation center. The beautifully landscaped facility is known for its exclusive therapy programs, with recreational and lifestyle amenities available on-site to its residents provided by highly skilled staff.
“We work tirelessly to provide extraordinary service and expertise for our borrowers. It’s extremely gratifying when repeat borrowers recognize the excellence our team provides,” said Mr. Levine. “I’m excited that we were able to provide the liquidity needed to help the Massapequa Center provide spectacular nursing care in a beautiful environment.”
“The Greystone team proved once again that they go above and beyond. Their expertise brought us the best financing terms quickly, while enabling us to stay focused on providing an amazing product to our residents,” said Joel Edelstein, chief executive officer of Massapequa Center.
“We chose Greystone because their dedication to service mirrors our own: we treat our residents like family and will do whatever it takes to provide them with the best care,” said Bernie Fuchs, president and patriarch of the family. “Every resident here knows that they will be treated as I would want my mom to be treated.”
Globe Newswire: 16:03 GMT Tuesday 14th January 2020
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