Avi Lustig Secures $55 Million Refinancing For Nursing Home In Corona Queens From CIBC Bank

The asset involved in this transaction is a nursing home located at 108-25 Horace Harding Expressway, Corona, Queens, encompassing a total square footage of 80,160. A refinancing loan in the amount of $55,000,000 has been secured for this property, aimed at replacing existing debt held by another lender.

Summary of transaction details:

• Property Type: Nursing Home
• Transaction Amount: $55,000,000
• Lender: Kevin Li - CIBC Bank USA
• Landlord: Avi Lustig
• Previous Debt: $44,000,000 held by MonticelloAM

Avi Lustig’s Penrod Owner LLC played a crucial role in this transaction, facilitating the refinancing from CIBC Bank for four Castle Senior Living-affiliated properties. This strategic financial move highlights adjustments made in the current financing landscape for senior living facilities.