NEW YORK CITY—The ownership of the Boro Park Center for Nursing & Rehabilitation in Brooklyn has secured approximately $78.4 million in refinancing funding from the U.S. Department of Housing and Urban Development.
Greystone, which provided the HUD-insured $78,399,600 permanent loan, says the transaction is one of the largest ever HUD loan for a skilled nursing facility. The deal caps more than $200 million in total financing provided by Greystone for Bronx-headquartered Centers Health Care. Fred Levine, managing director in Greystone’s Monsey, NY office, originated the transaction.
The facility was struggling financially when Centers Health Care purchased the facility more than five years ago, and the principals invested more than $20 million in renovations in turning around what was an underperforming facility, Greystone reports.
Boro Park Center, which maintains a five-star Medicaid rating, provides clinical services that include amputee recovery and training; cardiac therapy; comfort care and palliative care; dental services; isolation rooms; occupational therapy; oxygen management; PICC (peripherally inserted central catheter) management; physical therapy; Pleurx management; post-surgical orthopedic care; respiratory management; speech therapy; stroke rehabilitation and tracheostomy care.
The Brooklyn facility includes two entire floors dedicated to acknowledging Asian cultures with staff fluent in Mandarin, Cantonese and Toishanese. Additionally, the facility offers a separate environment that observes Orthodox Jewish customs, providing Glatt Kosher cuisine as well as access to lifestyle experiences including Shabbat room and Shul with daily Shiurim.
“The Boro Park Center is truly an amazing facility,” says Levine. “The interior is beautiful, the care is exemplary and the energy in the building is very special. We appreciate the trust Centers Health Care continues to place in us to provide them with financing that enables them to continue to provide world class care to their residents.”
Centers Health Care is one of the largest and most complete post-acute health care continuums in the northeast. The Centers Health Care includes more than 30 skilled nursing and rehabilitation facilities in New York, New Jersey and Rhode Island, four home care companies, seven adult day health care facilities, two assisted living communities, and Centers Plan for Health Living, the third largest managed long-term care program in New York State, along with its own walk-in urgent care and durable medical equipment providers.
Earlier this month, Greystone announced it had provided a $29-million HUD-insured permanent loan to the ownership of the Sapphire Center for Rehab & Nursing in Flushing, Queens.