Greystone Provides $ 22.5 Million Bridge Loan to Refinance 96-Bed Assisted Living and Memory Care Center in Anchorage, Alaska
NEW YORK, NY – Greystone, one of the nation’s leading commercial real estate finance companies, has provided a $ 22,500,000 bridge loan to refinance a 96-bed assisted living facility in Anchorage, Alaska. The transaction was initiated by Stella Plotkin, vice president of Greystone’s New York office, on behalf of Spring Creek Holdings LLC.
Greystone’s variable rate, interest-only bridge financing has a 24-month term with two six-month extension options, with the intention of moving to permanent HUD financing. Completed in 2019, Aspen Creek Senior Living is an assisted living and senior care facility with a total of 96 beds, including 21 beds for memory care residents. The financing removes the existing loan from the original construction of the property and allows the borrower to continue with ongoing renovations, including the completion of the secure memory care wing.
“Greystone’s HUD transition process is intended to help our customers gain the flexibility they need throughout the various stages of their facility’s lifecycle,” said Plotkin. “Our in-depth knowledge of the senior care space means we truly understand the nuances of every transaction and work to execute a seamless close of the right financing solution for every property in our clients’ portfolios.”
“We are delighted that Greystone is helping us bring our full value to this property to life and serve the elderly residents of our community during the pandemic,” said Doug Clegg, Director of Spring Creek Holdings. “The care and attention 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 national private commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, having been ranked among the top lenders by FHA, Fannie Mae and Freddie Mac in these industries. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone. For more information visit www.greystone.com