National real estate lender Greystone recently provided a $71.3 million HUD-insured loan to refinance Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in Long Island, NY.
The 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 its purchase in November 2017, and to continue with large-scale renovations.
Originally constructed in 1974, Massapequa Center has already undergone $8.5 million in facility upgrades, including the installation of 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.
The family-owned Massapequa Center offers high-quality long- and short-term care, adult day care, dementia care and stroke rehabilitation.
