A nursing home a mere four blocks from Central Park has just received the largest known FHA loan for a single asset. The 499-bed Upper East Side Rehabilitation and Nursing Center will use the majority of the money to pay off an interim acquisition bridge loan, with the remaining $7 million earmarked for capital improvements. The size of the facility, as well as the costly location, may both be factors that contributed to the exceptional size of the loan.
This record-breaking loan comes just a month after Optima Portfolio, a 561-bed New York City skilled nursing portfolio that includes three facilities, received an already staggering $75 million in financing with the help of HUD’s 232 program for the financing of skilled nursing and assisted living facilities. Greystone provided their loan.
KeyBank Real Estate Capital has provided the Upper East Side Rehabilitation and Nursing Center with the largest known FHA loan of its type for a single asset, using the same HUD 232 insured loan option as the Optima Portfolio. It will help the large Manhattan nursing home to continue to provide services to residents and community members.
A recent report by Multi-Housing News pointed out that the facility currently offers short-term, long-term, and sub-acute rehabilitation services that come along with a variety of other services. Those services include a nursing staff that is available to provide care 24 hours per day. This allows them to provide post-operative care, cardiac rehabilitation, and palliative care in addition to their traditional services. The patients have specialists available to them including social workers, physicians, physical therapists, occupational therapists, speech therapists and respiratory therapists.
In addition to care and medical based services, the massive facility is also able to offer a beauty parlor for residents, day excursions, entertainment. They also have a transportation program for the friends and family members of residents to make sure that people living in the facility can keep their connection to family members and their community. Hopefully, the largest known FHA loan for a single asset will allow the facility to continue to contribute positively to the lives of community members, the hundreds of facility residents, and their family members as well.
We can Help! Our local advisors can help your family make a confident decision about senior living.