Greystone provided $28.2 million in a Freddie Mac Optigo loan to refinance a senior living housing property in Texas, operated by Civitas Senior Living, reports Senior Housing News.
The non-recourse loan carries an adjustable rate with a 10-year term and a 30-year amortization with five years of interest-only payments.
The property, built in 2019, consists of 96 units and includes Class A+ independent living, assisted living, and memory care. It is located close to Medical Center North Hills.
Earlier this month, Greystone provided $13.6 million in a bridge loan that may transition to permanent HUD-insured financing for the acquisition of a senior housing campus in West Palm Beach, FL. Gold Standard of Care, a long-standing player in the sector, chose Greystone to finance the deal.
Harrison Street also closed with Greystone for the acquisition of four properties in the second tranche of financing in Harrison Street’s portfolio. Those properties have 465 units and are a portion of a portfolio that includes 24 senior housing communities that Harrison Street acquired for about $1.2 billion. Greystone closed financing for 16 of those properties earlier this year. Read more.
