NEW YORK, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Greystone, a leading national commercial real estate finance company, has provided a $16.8 million HUD LEAN 232/223(f) green loan to refinance a 102-unit Supportive Living Facility in Rolling Meadows, Illinois. The financing was originated by Adam Lipkin, Vice President and Michael Zukerman, Managing Director, of Greystone with Brent Connell of Geneva Capital acting as correspondent on the transaction.
Plum Creek at Rolling Meadows is a three-story facility on 1.46 acres, which was constructed in 1986 as a hotel property and converted to a Supportive Living Facility in 2006. The Supportive Living program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing.
With the 35-year self-amortizing refinancing, the owner committed to implementing “green” improvements that will result in an estimated 15% in energy savings and 10% in water savings annually, amounting to projected savings of over $20,000 per year.
Currently, the new HUD-insured green seniors housing program can cut closing costs by 75 bps and reduce the interest rate by almost half a percent (50 bps). This leads to a substantial decrease in annual financing costs and enables a significantly larger loan than HUD-insured financing without the green benefits.
“HUD’s new green financing program for senior housing is an excellent option to reduce debt service by making environmentally-friendly improvements, all the while benefiting from the long-standing advantages of a non-recourse FHA-insured loan – longer loan terms and amortizations, greater proceeds, and lower interest rates overall,” said Mr. Lipkin.
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
