Greystone Closes $30.3M HUD Refinance for Rhode Island Skilled Nursing Portfolio Led by Christopher Clare and Ryan C. Harkins

Greystone Real Estate Capital has closed a $30,260,600 FHA/HUD-insured refinance for a four-property skilled nursing portfolio in Rhode Island, the firm announced Aug. 12, 2026. The financing replaces earlier bridge debt that Greystone had previously provided on the same assets, completing a bridge-to-permanent execution strategy for the borrower.

The portfolio comprises four skilled nursing facilities totaling 385 beds across Rhode Island. The transaction was originated by Christopher Clare and Ryan C. Harkins, with additional team members including David Young, Parker Nielsen, Liam Gallagher, and Ben Rubin.

Bridge-to-Permanent Strategy

Greystone had previously provided bridge financing for the portfolio, positioning the borrower to transition to long-term FHA/HUD-insured financing. The refinance replaces that interim debt with permanent, lower-cost capital structured through HUD, supporting the borrower's long-term ownership objectives.

This sequencing — using short-term bridge debt as a transitional tool before locking in permanent agency financing — is a common strategy for healthcare operators seeking to preserve flexibility during a stabilization period before committing to long-term capital. For skilled nursing assets, HUD execution offers long amortization periods, rate certainty, and non-recourse-style terms that are difficult to replicate in the conventional debt markets.

"Greystone's integrated platform continues to deliver financing solutions that support both immediate refinancing needs and long-term strategic goals," said Ryan C. Harkins. "This transaction reflects our commitment to helping healthcare operators optimize performance while securing durable, lower-cost capital through HUD execution."

Healthcare Lending in a Selective Credit Environment

The Rhode Island transaction reflects a broader trend in commercial real estate finance, where owners of stabilized assets are increasingly turning to government-insured debt to replace short-term bridge capital. With refinancing risk elevated across many property types and lender appetite remaining selective, recapitalization through HUD has become an attractive alternative to disposition for operators who can demonstrate durable operating income.

Skilled nursing and other healthcare assets have continued to attract financing in part because lenders can underwrite more predictable cash flows relative to other property types facing occupancy pressure. The HUD execution on this portfolio signals confidence in the assets' operational profile, as long-term agency financing generally requires assets capable of supporting steady debt service rather than turnaround economics.

Transaction Team

The financing was originated by Christopher Clare and Ryan C. Harkins of Greystone. David Young, Parker Nielsen, Liam Gallagher, and Ben Rubin also contributed to the transaction.

Sources

Greystone — Greystone Provides $30.3 Million in HUD Financing to Refinance Rhode Island Healthcare Portfolio (Aug. 12, 2026)