Greystone closes on senior housing sector's first-ever Freddie Mac revolving credit facility

Share this article:

A California long-term care provider has become the first to obtain financing through a new revolving credit facility for senior housing offered by Freddie Mac.

New York-based finance company Greystone closed the $150 million facility on behalf of Oakmont Senior Living, Greystone announced Tuesday. Oakmont — which provides independent living, assisted living and memory care in Chino Hills, CA — funded a $29 million loan as the first transaction under the facility.

Freddie Mac, a government-sponsored entity, has provided this type of facility for multifamily housing, but this marks its introduction in senior housing.

“Freddie Mac worked with us to close their first-ever seniors housing revolving credit facility in just 45 days from our initial concept meeting,” said Scott Kavel, head of Greystone's senior housing finance group. “With the enhancements that have been made to the product, the Freddie Mac revolving credit facility merits serious consideration by borrowers as an attractive part of their overall financing strategy.”

The facility's advantages include a competitive interest rate pegged to LIBOR, the rate set daily by the British Bankers' Association, and no minimum occupancy requirements. Futhermore, “borrowers can continue to borrow against increased values and income created in the properties, up to the maximum amount of the facility,” Greystone noted in a press release.

Share this article:

More in Products

Bertlesmann buys Relias Learning

Bertelsmann, a media company based in Germany, said last week it is buying Relias Learning from its current owners, Vista Equity Partners and LLR Partners.

Acuity Brands introduces LED collection

Acuity Brands introduces LED collection

Acuity Brands says its new CanoeTM LED Pendant and Sconce Collection from Winona Lighting® can meet the needs of designers in unique spaces.

SwimEx debuts Triton Pool

SwimEx debuts Triton Pool

SwimEx Inc. has announced the Triton, the newest member of its line of fitness and therapy pools. It is available for the commercial and residential markets.