Greystone Places $23.5 Million in Financing for Spectrum Retirement Homes in Indiana and Arizona
NEW YORK, June 21, 2022 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has placed a total of $23.5 million in bank financing to refinance two retirement homes in Indiana and Arizona. The separate transactions were initiated by Cary Tremper, Tyler Armstrong and Matt Miller of Greystone, on behalf of Spectrum Retirement Communities.
lonely mountain is a 50-unit memory care facility in the Phoenix market that has been refinanced for $11,275,000. The newly constructed Class A property opened in March 2018 and features 6 one-bedroom units and 44 studio units. Property amenities include a private dining room, library, game room, exercise room, activity room, computer room, lounge, terraces, and courtyard features.
meadow stream is a 92-unit assisted living and memory care community in the Indianapolis market that has been refinanced for $12,250,000. The property’s unit mix includes 68 assisted living units and 24 memory care units, with community amenities including a private dining room, library, game room, exercise room, activities, a computer room, a lounge and a courtyard. The property opened in 2014 and is operated by Traditions Management.
“We pride ourselves on serving our clients’ capital needs through all phases of the real estate cycle, with many options available today to transition from construction to stabilized financing,” said Cary Tremper, team leader. Senior Housing Capital Markets. “It is a privilege for our team to work with quality sponsors, and we are thrilled to have helped Spectrum finalize the refinancing of these two communities in Indiana and Arizona.”
“Greystone is truly committed to providing us with the best execution for the long-term success of these communities,” said Jeffrey Kraus, general manager of Spectrum Retirement Communities.
Greystone is a national, privately held commercial real estate finance company with an established reputation as a leader in multifamily and healthcare financing, having been ranked among the top FHA, Fannie Mae and Freddie Mac lenders in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
About Spectrum Retirement Communities, LLC
Spectrum Retirement Communities, LLC, headquartered in Denver, Colorado, is a leading developer, owner and operator of retirement/independent, assisted living and memory care communities across the United States, offering apartments in highly desirable, state-of-the-art communities. top-notch amenities, activities and programs and top-notch hospitality to support the lifestyle seniors desire. For more information, visit www.SpectrumRetirement.com.