Greystone says it has provided a $8.6 million HUD-insured construction loan to Bristol Village, an assisted living facility in Clarence Center.
The $8,600,000 fixed, low interest rate HUD-insured 241(a) construction loan converts to permanent financing when the expansion project is completed, and will run concurrent with the property’s existing HUD-insured loan, which Greystone originated in 2011. Proceeds from this loan will be used to add 32 assisted living beds, a total addition of 23,000 sq. ft., including the expansion of the property’s existing community spaces, the lender says in a news release.
HUD’s 241(a) loan product provides supplemental financing for significant improvements to multifamily and healthcare properties with existing HUD-insured loans.
Constructed in 2003, Bristol Village is a single story assisted living facility comprised of 110 beds with 84 units on 20 landscaped acres in Western New York State, just outside of Buffalo.
“We love the challenge of helping our clients get the best financing terms so that their investment dollars can make the most impact on the properties they own and the residents they serve,” said Lisa M. Fischman, vice-president in Greystone’s New York office. “We are always willing to go the extra mile to research all of the options available and are sensitive to the unique needs of each and every client we serve.”
The project has been designed by Buffalo-based Trautman Associates Architects/Engineers.