Greystone Monticello, a bridge lending platform intended to serve as a one-stop-shop provider of capital finance products and services for the multifamily and senior housing sectors, has provided bridge financing towards the $150 million acquisition of a portfolio of eight Supportive Living Facilities (SLF) located across the state of Illinois. Greystone Senior Managing Director Eric Rosenstock worked with both the buyer and the seller on this transaction and originated the bridge financing.
The portfolio of eight SLF properties were financed with a two-year bridge loan and are intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 total beds, the facilities are located in Elk Grove, Melrose Park, Country Club Hills, Bartlett, Vernon Hills, and Chicago. The Supportive Living Program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing.
“The Supportive Living Facility program fills a gap in much-needed services for affordable seniors housing in Illinois. Greystone Monticello’s experience in this asset type means our firm is well-positioned to bring together buyers and sellers through creative financing structures and advantageous exit solutions,” said Mr. Rosenstock. “Greystone’s bridge-to-Agency/HUD platform is just one of the many ways we help clients in seniors housing, skilled nursing and supportive living spaces get the most out of their portfolios and provide quality housing solutions to their residents.”