Greystone provides $ 22.5 million bridging loan to refinance

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NEW YORK, Aug 18, 2021 (GLOBE NEWSWIRE) – Gray stone, a leading national commercial real estate finance company, has provided a $ 22,500,000 bridging loan to refinance a 96-bed serviced home in Anchorage, Alaska. The deal was initiated by Stella Plotkin, vice president of Greystone’s New York office, on behalf of Spring Creek Holdings LLC.

Greystone’s floating rate, interest-only funding has a 24-month maturity with two renewal options of six months with the intention of becoming HUD-insured permanent funding. Completed in 2019 Living room for seniors in Aspen Creek it is a nursing and elderly care facility with a total of 96 beds, of which 21 are for memory care patients. The funding pays off the existing loan from the property’s initial construction and allows the borrower to continue ongoing renovations, including the completion of the Memory Care Wing.

“The Greystone HUD transition process is designed to help our clients gain the flexibility they need at various stages in the lifecycle of their property,” said Ms Plotkin. “Our deep knowledge of senior care means we truly understand the nuances of every transaction and work to ensure that we smoothly complete the right financing solution for every property in our clients’ portfolios.”

“We are thrilled that Greyston is helping us bring our full vision of this property to life and helping the elderly in our community during this pandemic,” said Mr Doug Clegg, Director of Spring Creek Holdings. “The care and attention that our Greystone team gave to every detail of this transaction was exceptional and we look forward to working with them in the future.”

About Greystone
Greystone is a privately held, nationally owned commercial real estate finance company with a strong reputation as a leader in multi-family finance and healthcare, and as a leading lender to FHA, Fannie Mae and Freddie Mac in these sectors. Loans are provided through Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other Greystone affiliates. For more information visit www.greystone.com

PRESS CONTACT:
Karen Marotta
Gray stone
212-896-9149
Karen.Marotta@greyco.com

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