Greystone has provided a HUD-insured loan of $25.2 million to finance the transformation of a historic homestead in Long Island’s Bay Shore into an Assisted Living and Memory Care community. This is the only healthcare construction loan approved by HUD in 2022 across the United States.
The project will repurpose Netherbay, formerly owned by Gulden’s Mustard family, into a modern care facility with 72 individual rooms for Memory Care and advanced Assisted Living residents. Operated by Meridian Senior Living, it will apply Montessori principles to provide hands-on interventions and rehabilitation for its inhabitants.
Lisa M Fischman from Greystone originated this long-term construction-to-permanent financing which converts from construction loan to 40 year fixed low rate non recourse fully amortizing one .
