The Sapphire Center for Rehab & Nursing is a 227-bed skilled nursing facility in Flushing, Queens.
NEW YORK CITY—The ownership of the Sapphire Center for Rehab & Nursing in Flushing, Queens has secured a $29-million HUD-insured permanent loan provided by Greystone after completing renovations at the property it acquired about two years ago.
The new financing replaces a highly-leveraged bridge to HUD loan in 2015 provided by Greystone to the Sapphire Care Group to acquire the 227-bed skilled nursing facility. The bridge financing also offered the new ownership time to rebrand the facility and significantly improve the facility’s operations, Greystone reports.
Fred Levine, managing director of Greystone’s Monsey, NY office originated the bridge, mezzanine and permanent FHA loan for Sapphire Center for Rehab & Nursing. The recent HUD-insured financing represents a permanent self-amortizing exit, the lender states.
“We strive to provide the highest levels of care for our residents. The bridge loan allowed us to purchase a tired facility, renovate, add a modern rehabilitation center and completely rejuvenate the facility,” states Aryeh Platschek, principal of Sapphire Care Group.
“Our mission as a lender is to provide nursing home operators with affordable, long term permanent financing that enables them to focus on providing world class care for their residents without worrying about the financial markets,” Greystone’s Levine notes.