Greystone Arranges $50 Million in Construction Financing for Seniors Housing in AZ and NC

NEW YORK, Dec. 12, 2017 -- Greystone, a real estate lending, investment and advisory company, today announced it has arranged $50,026,005 in total financing for the construction of two Class A senior living communities in Arizona and North Carolina. Greystone worked closely with regional banks who provided the debt for Fort Worth-based Aspens Senior Living.

A $25,767,899 loan for the construction of The Aspens at Mariposa Point in the Phoenix, AZ metro area was provided by a publically-traded bank. The 55+ community will comprise 204 units in a variety of attractive floor plans, as well as a number of luxury amenities including a bistro and theater. The project is a joint venture between Aspens Senior Living, McFarlin Group and Pennybacker Capital. Construction began on the community in May 2017.

A separate $24,258,106 loan for the construction of The Aspens at Bedford Falls in the Raleigh, NC metro area was provided by a regional bank. The 62+ community, a joint venture between Aspens Senior Living and Pennybacker Capital, will offer 182 units. Bedford Falls has consistently been ranked as one of the best Master Planned Communities in the U.S. A range of services and amenities will be provided to residents including a bistro and theater. Construction began on the community in July 2017.

“Having worked with Greystone to sell and finance a number of our seniors housing assets over the years, we were thrilled that they could also place attractive construction financing for our two newest communities,” said Barry Metcalf, Principal of Aspens Senior Living. “We look forward to working with Greystone as we continue to execute upon our long-term business plan of providing best in class housing to seniors.”

“We aim to provide a fully integrated suite of real estate services, from investment sales to construction, acquisition and permanent financing. Similar to Aspens Senior Living, we take a long-term approach to providing a best-in-class experience and feel very fortunate to work with such great clients on a daily basis,” said Cary Tremper, Managing Director, Greystone.

About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA and Fannie Mae lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. All securities sold through Greystone Broker Dealer Corp., member FINRA and SIPC. For more information, visit www.greyco.com.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
[email protected]