Greystone refinances Rhode Island skilled nursing with $30M HUD-insured debt

Greystone has placed $30.26 million in FHA/HUD-insured financing on a Rhode Island skilled nursing portfolio, according to Connect CRE. The loan covers 385 beds. Christopher Clare and Ryan Harkins originated it, with David Young, Ben Rubin, Parker Nielsen and Liam Gallagher on the deal team. The borrower is unnamed, and the public description stops at four skilled nursing properties across the state.

The transaction converts existing bridge debt into a HUD mortgage rather than adding new money. Greystone had provided the interim loan, and the agency take-out retires it. Harkins said the deal supports the borrower's long-term ownership strategy and helps the operator 'secure durable, lower-cost capital through HUD execution.' He credited Greystone's integrated platform with pairing short-term refinancing needs with a long-term capital plan.

The principal works out to roughly $78,600 per bed. That is a useful reference point for anyone pricing skilled nursing debt. The release does not disclose the interest rate, the amortization schedule, or how the beds break down across the four properties. The per-bed figure is rough, but on a small portfolio it is the only yardstick the source provides.

For healthcare owners, the deal is a two-stage route to term debt: carry the asset on bridge money while HUD underwriting runs, then replace that financing with an agency mortgage. Greystone was on both sides, first as bridge lender and now as HUD originator. That continuity matters in a property type where the lender already knows the assets. No timeline was given, but the need for interim money suggests the owner wanted capital sooner than HUD alone could deliver. The arrangement also reads as a retention play: Greystone kept the relationship after the bridge had served its purpose.