Greystone announced on Wednesday that it provided an $18.43 million loan to acquire three skilled nursing facilities totaling 252 beds in the Bluegrass State.
Commercial real estate lender Greystone has issued a significant bridge loan to finance the acquisition of several health-care facilities in Kentucky.
Greystone announced on Wednesday that it provided an $18.43 million loan to acquire three skilled nursing facilities totaling 252 beds in the Bluegrass State. The transaction was originated by Fred Levine, Greystone’s managing director, on behalf of The Portopiccolo Group. The $18.43 million interest-only bridge loan carries a two-year term, with two six-month extension options.
“We were excited to help our client quickly acquire this portfolio, and we look forward to securing the right financing for a stable, long term solution in the future,” Mr. Levine. “Starting with the initial acquisition financing for an asset or portfolio, we are intent on exceeding client expectations every step of the way with our deep industry expertise, broad product platform, and best-in-class execution.”
The portfolio consists of a 98-bed Clinton Place facility in Clinton, a 94-bed facility in Glasgow, and a 60-bed facility in Fulton. Each facility offers short-term rehabilitation services as well as complex medical, long-term and memory care, and respite care. The properties were acquired from DiversiCare Healthcare Services and are now operated by Clearview Healthcare Management.
Although most baby boomers are still about a decade away from considering options in senior living, the real estate sector is preparing now. From active adult communities to co-living spaces for seniors who need non-skilled care to memory care and full-service skilled-care facilities, the housing and construction markets are evolving to meet the current and prospective needs of the largest population of seniors ever to age into the demographic at one time.
Indeed, the demand for senior living facilities with offerings across the spectrum is starting to grow. Pew Research estimates 10,000 baby boomers will turn 65 each day until 2029, at which point about one in five U.S. residents will likely be an official senior citizen.
To learn more about the aging population, check out this Market Spotlight on senior living.