The Greystone Advantage
Greystone has a long history of financing healthcare projects, and we admire the commitment providers have for their communities. They face unique challenges, and we understand that from our experience working with owners and operators of skilled nursing, assisted living, independent living, supportive living, and memory care facilities. We are committed to providing our clients with the best financing solution so they can achieve their goals and focus on providing quality care for their residents.
Case Study
THE SITUATION
Our client recognized the need for quality Memory Care & Assisted Living services in the south shore of Long Island with a vision to repurpose the Gulden’s (Mustard) family summer homestead into a premier facility. They were in search of new construction financing to develop a project that would provide high leverage debt at low interest rates. The market dynamics posed a challenge as their timing unintentionally coincided with the covid pandemic outbreak in New York. As risk factors rose, construction lending became scarce with limited options.
THE SOLUTION
The FHA 232 loan was the solution for this project, providing construction-to-long-term permanent financing with favorable terms. It enabled the transformation of this historic site into an assisted living and memory care community that preserves the mansion’s architectural integrity and introduces 72 specialized rooms with innovative Montessori-based therapies. This approach provided funding for a state-of-the-art facility and ensures that residents enjoy a connection to the property’s rich history as well as a beautiful marina and oceanfront views just minutes away.
THE RESULTS
Netherbay is emerging as a landmark healthcare development project, redefining the landscape of senior care on Long Island’s beautiful Bay Shore. Greystone’s guidance in the application and financing process played a pivotal role in helping realize the client’s vision. The community will provide an exceptional care option that supports seniors with memory conditions in a facility designed to foster dignity, comfort, and a sense of belonging.
