Greystone has closed $30,260,600 in FHA/HUD-insured refinancing for a four-property healthcare portfolio located in Rhode Island. The new financing package is secured by a group of skilled nursing facilities that together comprise 385 beds, providing long-term care services across the state. The HUD-backed execution replaces an existing bridge loan that Greystone had previously provided on the same portfolio.
The transaction was led by Greystone professionals Christopher Clare and Ryan Harkins, who originated the financing. They were supported by additional team members David Young, Ben Rubin, Parker Nielsen and Liam Gallagher, reflecting a multi-person effort to move the portfolio from short-term bridge financing into a long-term HUD-insured structure. While specific loan terms were not disclosed, the execution is described as FHA/HUD-insured refinancing, indicating a focus on long-duration, fixed-rate, agency-backed debt.
According to Greystone, the refinancing is intended to align with the borrower's long-term ownership strategy for the skilled nursing assets. By converting the prior bridge debt into HUD-insured financing, the borrower is able to replace interim, potentially higher-cost capital with more stable and lower-cost long-term debt. This shift can help reduce interest expense and provide greater cash flow predictability for the portfolio's operations, which is particularly important for skilled nursing facilities that rely on steady reimbursement streams and consistent occupancy levels.
The four-property portfolio is composed entirely of skilled nursing facilities, rather than a mix of healthcare asset types, underscoring Greystone's focus on the seniors housing and healthcare segment. The facilities collectively account for 385 licensed beds, but the article does not specify individual building sizes, locations within Rhode Island or detailed property-level performance metrics. The emphasis is instead on the capital structure transition and the role of FHA/HUD-insured financing in supporting the owner's long-term plans.
In commenting on the transaction, Harkins noted that Greystone's integrated platform is designed to provide solutions for both immediate refinancing needs and broader strategic objectives. The firm views the bridge-to-HUD approach as a way to help healthcare operators optimize performance while ultimately accessing durable, lower-cost capital through HUD execution. This transaction illustrates how a sponsor can use a bridge loan to position a healthcare portfolio for eventual takeout with permanent, agency-backed financing, once the portfolio is ready for a long-term capital solution.
