**Greystone Closes $452 Million Healthcare-Focused CRE CLO**
Greystone, a leading commercial real estate finance firm, has announced the successful closing of Greystone CRE Notes 2025-HC4, LLC—a $451.6 million Commercial Real Estate Collateralized Loan Obligation (CRE CLO). This transaction is backed exclusively by bridge loans issued by Greystone for healthcare-related properties.
This marks Greystone’s eighth CRE CLO to date and represents the fourth such transaction in the industry to consist entirely of healthcare assets. Notably, Greystone closed the only previous healthcare-only CRE CLOs in 2018, 2021, and earlier in 2024.
The collateral pool includes 12 whole loans and seven loan participations, secured by a total of 46 properties located across 13 states. The portfolio comprises a variety of healthcare facilities, including skilled nursing, assisted living, memory care, and independent living properties—with skilled nursing making up the majority at 65.2%. The actively managed vehicle features a three-year reinvestment period.
ATLAS SP Securities acted as the sole structuring agent for the transaction. Lead managers and joint bookrunners included Wells Fargo Securities, Goldman Sachs, and J.P. Morgan Securities, while Natixis Securities Americas, UBS Securities, Capital One Securities, and Huntington Securities, Inc. served as co-managers.
Pictured: A Pennsylvania healthcare portfolio financed by Greystone with a bridge loan in August 2025.
