Greystone Servicing Corporation, Inc. (“Greystone”) last month announced the refinancing of a portfolio of six skilled nursing facilities, ranging from 75 to 296 beds, totaling over $55,000,000 in FHA-insured funds. S & F Management, a private company specializing in long-term healthcare and rehabilitation services, purchased the facilities in 2005 as part of the final liquidation of Meritcare, Inc. Liquidation began in the early 1990s and as the Pittsburgh-based company wound down its portfolio, funds were made available solely to maintain the remaining properties, with little left over to train and retain adequate staff. Following the acquisition, S & F Management invested a significant amount of capital, time and personnel to shore up operations. Over the past three years it has successfully renovated the underperforming properties
and improved census mix. S & F Management currently operates twenty nine nursing homes with over 3,700 beds throughout California and plans to continue increasing its presence in nearby states.
Greystone refinanced the original acquisition loan with short term financing in late 2006, funding at the same time repair and renovation costs for the facilities. Now that operations have stabilized for an extended
period of time, Greystone has provided a long-term, fixed rate mortgage which will help ensure the properties financial stability for the next 35 years.
“Throughout this process Greystone provided excellent customer service, keen advice, and superior execution,” praised Donny Feldman, Senior Managing Director of S & F Management. “We cannot thank you enough for your professionalism and commitment to our loans. We look forward to many successful transactions together in the future and will refer our friends and colleagues to you without reservation.”
“S & F Management is one of those borrowers that every lender dreams of, responding in a timely manner, prepared and organized, enabling Greystone to communicate swiftly and effectively with HUD,” Greystone
Senior Originator Ephraim Kutner said. “They are a real pleasure to deal with.”
“In addition to the Greystone team, the San Francisco and Los Angeles HUD offices were both extremely helpful in these transactions,” Mr. Kutner added. “Both offices consistently deliver excellent service, working
side-by-side with our underwriters to keep the lines of communication open through every step of the process.” As a licensed MAP lender Greystone processed the refinance through HUD Section 232/223(f).
