Greystone Provides $33.3 Million in HUD-Insured Financing for Major Hospital System in Alabama
NEW YORK, Oct. 14, 2024 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $33,250,000 HUD-insured LEAN 223(f) loan to refinance the Health Care Authority of the City of Anniston (RMC Health System), the leading healthcare provider for a five-county service area in Northeast Alabama.
RMC Health System operates the Northeast Alabama Regional Medical Center, a 463-licensed bed hospital spanning 551,178 square feet of primary, secondary, and tertiary care services.
The HUD-insured Greystone funding carries a 25-year term, enabling RMC Health System to exit its existing loan for a long-term solution at a low interest rate. Additionally, RMC Health System is now pursuing a second HUD-insured loan to allow for capital improvements at its hospital site, including new equipment for the continued improvement of care provided to patients.
“Securing this financing is crucial to the long-term success of RMC and the services it provides to the community, and Greystone guided us through the complex refinancing process,” said Louis Bass, CEO, RMC Health System. “We thank them and everyone who collaborated with us to approve and close this financing.”
“RMC provides critical, high-quality care to our community, and its success is paramount to the residents of Anniston and the greater region,” said Jack Draper, Mayor of Anniston, Alabama. “We are thrilled that RMC Health System found a solution that ensures its footing as an excellent resource for healthcare.”
“While the process may have seemed daunting at first, we are elated with the outcome. With this new financing for RMC, we are now stronger than before and can focus on improving patient outcomes,” added Jay Jenkins, Chairman, RMC Health Care board of directors.
“Greystone is honored to have led the hospital refinancing for RMCV Heath Care, which provides a long-term solution for such a critical service provider to many. As the leading FHA lender* for healthcare assets in the nation, we strive to apply our expertise and commitment to client service in every transaction,” added Nikhil Kanodia, head of FHA lending at Greystone.
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
*For HUD’s 2024 fiscal year ending September 30, 2024. Based upon combined firm commitments received by Greystone Funding Company LLC and Greystone Servicing company LLC and excludes risk sharing and hospital loans.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
