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Greystone has closed a $451.6 million commercial real estate collateralized loan obligation backed exclusively by bridge loans provided by the commercial real estate finance company on healthcare-related properties, the firm announced Wednesday.
Greystone CRE Notes 2025-HC4 is Greystone’s eighth overall CRE CLO and the industry’s fourth-ever CRE CLO comprised solely of healthcare assets, according to the company. Greystone closed the other healthcare CRE CLOs in 2018, 2021 and 2024.
The collateral pool for the latest CRE CLO includes 12 whole loans and seven loan participations, secured by 46 properties in 13 states. Skilled nursing properties comprise 65.2% of the portfolio, followed by assisted living, memory care and/or independent living properties (25%), and then skilled nursing and assisted living, memory care or independent living properties (9.8%).
The actively managed CRE CLO has a three-year reinvestment period.
“This transaction reflects our disciplined approach to healthcare lending and the faith that investors have in us as a serial CLO issuer,” Ross Gusler, head of corporate finance and capital markets at Greystone, said in a statement. “Our platform’s continued expansion reflects the trust we’ve earned in the market and our commitment to shaping long-term, impactful capital solutions in healthcare real estate.”
ATLAS SP Securities served as the sole structuring agent of Greystone CRE Notes 2025-HC4. Wells Fargo Securities, Goldman Sachs & Co., and JP Morgan Securities served as lead managers and joint bookrunners. Natixis Securities Americas, UBS Securities, Capital One Securities and Huntington Securities served as co-managers.
