Commercial real estate finance company Greystone said Wednesday it had closed on Greystone CRE Notes 2025-HC4, LLC, a $451.6-million Commercial Real Estate Collateralized Loan Obligation (CRE CLO) backed exclusively by bridge loans provided by Greystone on healthcare-related properties. The company said it marks the firm’s eighth overall CRE CLO and the industry’s fourth-ever CRE CLO comprised solely of healthcare assets, with the first three also closed by Greystone in 2018, 2021 and 2024.
The collateral pool comprises 12 whole loans and seven loan participations, secured by 46 properties in 13 states. The portfolio includes skilled nursing, assisted living, memory care and independent living properties. Skilled nursing properties comprise a majority of the portfolio (65.2%). The actively managed CRE CLO has a 3-year reinvestment period.
ATLAS SP Securities served as the sole structuring agent. Wells Fargo Securities, Goldman Sachs and J.P. Morgan Securities served as lead managers and joint bookrunners. Natixis Securities Americas, UBS Securities, Capital One Securities and Huntington Securities, Inc. served as co-managers.
Pictured: A Pennsylvania healthcare portfolio for which Greystone provided a bridge loan in August 2025.
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