Commercial Observer

March 31, 2015

By Damian Ghigliotty

National multifamily and healthcare lender Greystone has partnered with New York-based healthcare management company Sentosa Care to develop a 280-bed skilled nursing facility in Nassau County, Long Island, Mortgage Observer has learned.

Woodmere Rehabilitation rendering.

The two companies signed a deal in which Greystone will serve as development manager and financier for the 178,854-square-foot, five-story property to be called the Woodmere Rehabilitation and Healthcare Facility.

The arrangement is a first for both parties.

“It’s an organic situation where a long-term relationship turned the corner into a unique scenario we haven’t explored before,” saidJeffrey Simpson, head of Greystone’s development arm. “Sentosa has been a client of ours for more than a decade, so there’s a proven synergy.”