NEW YORK, June 08, 2021 (GLOBE NEWSWIRE) – Gray stone, a leading national commercial real estate finance company, has a 7.3 million HUD insured loan.The financing was provided by Scott Thurman and Leor Dimant of Greystone on behalf of Inspired Healthcare Capital, a regular customer who acquired the property in March 2020 , brought to life.
The $ 7,360,000 HUD insured funding under Section 223 (f) has a 35 year term, 35 year amortization, low fixed rate, and is an ongoing assumption of Greystone’s short term bridge funding. Year of construction 2001, The Lodge Senior Living Community offers its residents full-service amenities such as restaurants, transportation, laundry, housekeeping, events and entertainment. The property is within 2 miles of several major hospitals and health systems including the Great Falls Clinic Hospital and Surgery Center and the Benefits Health System – East Campus.
The facility is currently occupied and has 70 beds in 70 units, ranging from studios to one- and two-rooms. The proceeds from the HUD funding will be used to convert some of the property’s two-bedroom units into studios to meet the high demand for this type of unit.
“The bridge-to-HUD process for healthcare real estate investors eases many of the timing challenges of acquisitions and FHA financing, and Greystone’s seamless process enables borrowers to obtain a 35-year permanent loan with a short-term credit cushion. Said Mr. Thurman. “The higher proceeds from the FHA financing also benefit borrowers who make investments and want to invest in the property over the long term.”
Greystone is a national commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, ranked as one of the top FHA, Fannie Mae and Freddie Mac lenders in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC, and / or other Greystone affiliates. For more information, visit www.greystone.com.