Greystone provides $40 million bridge financing for senior living facility

Bronx, NY Greystone has provided a $40 million bridge loan to acquire and rehab a senior-living facility. The financing was originated by senior managing director Eric Rosenstock and executive vice president Jeff Englund of Greystone on behalf of a joint venture between Scott Jaffee of Metropolitan Realty Group and Leo Friedman of Citadel Care Centers.

Kittay House, located at 2550 Webb Ave., is a 295-unit affordable senior living facility in the northernmost outer borough of New York City. The community provides dozens of social, recreational, and educational programs on-site as well as meals, housekeeping and easy access to healthcare and supportive services. Greystone’s $40 million interest-only non-recourse bridge loan carries a 24-month term with two six-month extension options. 

“Kittay House has been providing seniors with independence and quality living standards for decades, and we are happy to help the new owners find a financing solution that fits their capital needs now for the future goals of this asset,” said Rosenstock.