Commercial real estate finance firm Greystone and fellow lender and consulting firm MONTICELLOAM on Monday announced a joint venture combining their senior housing and health care lines of business.
The joint venture is expected to provide a “one-stop-shop” of capital finance products for the health care and senior housing industries, the New York-based companies said in a press release. The joint venture will focus on skilled nursing, assisted living and senior housing.
“We’ve long known [Greystone], and we believe the ability to custom-structure senior housing and healthcare transactions, together with our proprietary technology, will enable us to operate seamlessly, supplemented by Greystone’s historically large presence in middle-market bridge and FHA-insured loan markets,” Alan Litt, co-founder of MONTICELLOAM, said in the press release. “Whatever capital or service a senior housing or healthcare client wants, they can now get it under one roof.”
Greystone is the leading Federal Housing Administration-insured health care loan lender; the firm has originated more than $3 billion in senior housing and health care financing in 2020. MONTICELLOAM services $1.8 billion in national senior housing and health care loans annually, the company said in a statement.
Financial services offered through the venture include: first mortgage floating rate bridge loans; fixed-rate conventional term loans; FHA, Fannie Mae and Freddie Mac permanent financing; mezzanine and preferred equity products; tax-exempt bond financing; equity capital; accounts receivable and working capital lines of credit; loan servicing and asset management; troubled asset advisory and workout services; and health care operational consulting.
“MONTICELLOAM and Greystone each have a long history of providing for the needs of senior housing and healthcare owners and operators,” Stephen Rosenberg, Greystone CEO said in the press release. “Together, we will be even better positioned to meet all of the needs of our clients.”