Greystone Provides $41M for Minnesota Senior Housing Portfolio
Greystone has provided $41 million in bridge financing to Oxford Capital Group for the acquisition of six assisted living facilities totaling 372 beds in Minnesota.
The financing was originated by Greystone Managing Director Christopher Clare. Greystone’s David Young, Ryan Harkins, Ben Rubin, Parker Nielsen, and Liam Gallagher also assisted on the transaction.
Greystone’s $41 million interest-only non-recourse bridge loan carries a 24-month term with two six-month extension options. The acquisition financing for the properties located in the Minneapolis area and northern Minnesota enabled the borrower to close the transaction and begin working with Greystone on securing permanent HUD-insured financing.
“Greystone’s bridge platform is an ideal solution for completing an acquisition, setting the borrower up for success as we begin down the path toward long-term FHA financing,” said Clare.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout