As more baby boomers enter their senior years, the demand for senior living communities as well as skilled nursing and memory care facilities is growing. Baby boomers are the largest group ever to enter their senior years together. A Pew Research study estimates that by 2029, about 20 percent of Americans will be at least 65 years old.
Commercial real estate lender Greystone has announced that it’s lending over $18.4 million for the acquisition of three health care facilities here in Kentucky. The interest-only bridge loan will be used for skilled nursing facilities that will have a total of over 250 beds. The loan is for two years, with options for two extensions of six months.
The three facilities are in Clinton, Glasgow and Fulton. They provide complex medical care and long-term care as well as short-term rehabilitation services, memory care and respite care (short-term relief for primary caregivers). The Clinton and Glasgow facilities have over 90 beds. The Fulton one has 60.
The three facilities will be run by Clearview Healthcare Management. They were purchased from DiversiCare Healthcare Services.
Greystone’s managing director, who negotiated the deal, says, “We were excited to help our client quickly acquire this portfolio, and we look forward to securing the right financing for a stable, long term solution in the future.”
When a promising commercial real estate opportunity presents itself, it’s essential to be able to take advantage of it. However, if you don’t have legal guidance, a lot of things can go wrong. That’s why it’s crucial to have an experienced commercial real estate attorney with you every step of the way.