On June 28, 2023 a
Exhibit,Appendix
was filed
involving a dispute between
People Of The State Of New York, By Letitia James, Attorney General Of The State Of New York,
and
Abraham Operations Associates Llc Dba Beth Abraham Center For Rehabilitation And Nursing,
Aharon Lantzitsky,
Amir Abramchik,
Aron Gittleson,
Beth Rozenberg,
Bis Funding Capital Llc,
Centers For Care Llc Dba Centers Health Care,
Cfsc Downstate Llc,
Daryl Hagler,
David Greenberg,
Delaware Operations Associates Llc Dba Buffalo Center For Rehabilitation And Nursing,
Delaware Real Property Associates Llc,
Elliot Kahan,
Hollis Operating Co Llc Dba Holliswood Center For Rehabilitation And Healthcare,
Hollis Real Estate Co Llc,
Jeffrey Sicklick,
Jonathan Hagler,
Kenneth Rozenberg,
Leo Lerner,
Light Property Holdings Ii Associates Llc,
Mordechai Moti Hellman,
Reuven Kaufman,
Schnur Operations Associates Llc Dba Martine Center For Rehabilitation And Nursing,
Skilled Staffing Llc,
Sol Blumenfeld,
for Commercial - Other - Commercial Division
in the District Court of New York County.
Preview
FILED: NEW YORK COUNTY CLERK 06/28/2023 02:27 PM INDEX NO. 451549/2023
NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 06/28/2023
BUDIMIR EXHIBIT 39A
FILED: NEW YORK COUNTY CLERK 06/28/2023 02:27 PM INDEX NO. 451549/2023
NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 06/28/2023
May 14, 2014
Sara Howell Fizur
Closing Coordinator
HUD OHP Coordinator
The Signal Group
125 John Robert Road, Suite 12
South Portland, ME 04106
Re: LEAN 232/223(f)Refinance
Amendment Request
Holliswood Center for Rehabilitation and Healthcare
Hollis, NY
#012-22299
Dear Ms. Fizur:
Greystone Funding Corporation (“Greystone”) is pleased to inform you that the Holliswood
Center for Rehabilitation and Healthcare transaction has recently completed the rate lock
process. As a result, Greystone respectfully requests the following amendments to the above
referenced firm commitment which are updated to reflect the new locked interest rate:
Item 1: Current Firm Commitment Project Name: Holliswood Center for Rehabilitation &
Healthcare
Requested Firm Amendment Project Name: Holliswood Center for Rehabilitation and
Healthcare
Justification: This is the correct project name.
Item 2: Current Firm Commitment Interest Rate: 5.75%
Requested Firm Amendment Interest Rate: 3.59%
Justification: This is the new locked interest rate.
Item 3: Current Firm Commitment Principal & Interest Payment: $214,148
Requested Firm Amendment Principal & Interest Payment: $166,630.52
Justification: This is the new principal and interest payment based upon the locked
interest rate.
Item 4: Current Firm Commitment Critical Repairs Amount: $24,575
Requested Firm Amendment Critical Repairs Amount: $17,088
Justification: The Borrower has completed the critical repairs and certified to this revised
cost.
FILED: NEW YORK COUNTY CLERK 06/28/2023 02:27 PM INDEX NO. 451549/2023
NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 06/28/2023
2
Item 5: Current Firm Commitment Non-Critical Repairs Amount: $1,054,250
Requested Firm Amendment Non-Critical Repairs Amount: $214,407.50 completed non-
critical repairs and $839,842.50 outstanding non-critical repairs.
Justification: The Borrower has completed a portion of the non-critical repairs prior to
closing and certified to Greystone that this work has been completed. Greystone requests
that the repair escrow be reduced to $1,007,811 which is the remaining portion of the
incomplete non-critical repairs ($839,842.50) plus 20% of the amount of those repairs
($167,968.50).
Item 6: Current Firm Commitment Repair Schedule
Requested Firm Amendment Repairs Schedule (attached)
Justification: The current firm commitment repair schedule contains an error: the non-
critical repair item to replace resident room interior doors should have a quantity of 3
doors instead of 5 doors. The attached repair schedule has been revised to reflect this.
Item 7: Current Firm Commitment 100% Insurable Value: $42,966,265
Requested Firm Amendment 100% Insurable Value: $39,270,000
Justification: A current Marshall & Swift Analysis (attached) establishes the property’s
reconstruction value as $26,168,516 which is notably less than 80% of the current firm
commitment insurable value ($34,373,012) that is calculated by HUD’s current
methodology of using the property’s appraised value and major movables value less the
land value. Greystone also consulted the PCNA Analyst regarding the insurable value
and they also felt that the Marshall & Swift reconstruction value was reasonable for the
subject property. For these reasons, Greystone requests that the 100% insurable value be
decreased to $39,270,000. A revised 92329 is enclosed.
Item 8: Current Firm Commitment Minimum Annual Lease Payment, Condition #15 specifying
a 1.05 coverage in the Operating Lease.
Requested Firm Amendment should remove this condition.
Justification: An ORCF FAQ dated February 6, 2014 notes that this provision will be
omitted from firm commitments going forward. Additionally, the subject facility’s
Operator Lease Addendum requires rents payable by the Lessee to be sufficient to
maintain the project and meet project expenses in accordance with HUD requirements.
Item 9: Current Firm Commitment Special Condition #11 Debt Service Escrow equal to 6
months of principal, interest and MIP payments ($234,025)…
Requested Firm Commitment Special Condition #11 Debt Service Escrow equal to 6
months of principal, interest and MIP payments ($186,508)…
Justification: The newly locked interest rate results in a lower debt service escrow
Amount.
Item 10: Current Firm Commitment Financing Fee: $311,916
Requested Firm Amendment Financing Fee: $208,480
Justification: This fee has been reduced.
FILED: NEW YORK COUNTY CLERK 06/28/2023 02:27 PM INDEX NO. 451549/2023
NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 06/28/2023
3
Revised HUD forms reflecting these changes are attached to this request. Please do not hesitate
to contact me at ph: 540-428-7243 or LKing@greystonefund.com if you have any questions or if
I may be of assistance. We appreciate your continued assistance with this project.
Very truly yours,
GREYSTONE FUNDING CORPORATION, INC.
Leslie King
Underwriter
Cc: Lisa Anderson
Enclosures
Document Filed Date
June 28, 2023
Case Filing Date
June 28, 2023
Category
Commercial - Other - Commercial Division
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Preview
FILED: NEW YORK COUNTY CLERK 06/28/2023 02:27 PM INDEX NO. 451549/2023 NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 06/28/2023 BUDIMIR EXHIBIT 39A FILED: NEW YORK COUNTY CLERK 06/28/2023 02:27 PM INDEX NO. 451549/2023 NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 06/28/2023 May 14, 2014 Sara Howell Fizur Closing Coordinator HUD OHP Coordinator The Signal Group 125 John Robert Road, Suite 12 South Portland, ME 04106 Re: LEAN 232/223(f)Refinance Amendment Request Holliswood Center for Rehabilitation and Healthcare Hollis, NY #012-22299 Dear Ms. Fizur: Greystone Funding Corporation (“Greystone”) is pleased to inform you that the Holliswood Center for Rehabilitation and Healthcare transaction has recently completed the rate lock process. As a result, Greystone respectfully requests the following amendments to the above referenced firm commitment which are updated to reflect the new locked interest rate: Item 1: Current Firm Commitment Project Name: Holliswood Center for Rehabilitation & Healthcare Requested Firm Amendment Project Name: Holliswood Center for Rehabilitation and Healthcare Justification: This is the correct project name. Item 2: Current Firm Commitment Interest Rate: 5.75% Requested Firm Amendment Interest Rate: 3.59% Justification: This is the new locked interest rate. Item 3: Current Firm Commitment Principal & Interest Payment: $214,148 Requested Firm Amendment Principal & Interest Payment: $166,630.52 Justification: This is the new principal and interest payment based upon the locked interest rate. Item 4: Current Firm Commitment Critical Repairs Amount: $24,575 Requested Firm Amendment Critical Repairs Amount: $17,088 Justification: The Borrower has completed the critical repairs and certified to this revised cost. FILED: NEW YORK COUNTY CLERK 06/28/2023 02:27 PM INDEX NO. 451549/2023 NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 06/28/2023 2 Item 5: Current Firm Commitment Non-Critical Repairs Amount: $1,054,250 Requested Firm Amendment Non-Critical Repairs Amount: $214,407.50 completed non- critical repairs and $839,842.50 outstanding non-critical repairs. Justification: The Borrower has completed a portion of the non-critical repairs prior to closing and certified to Greystone that this work has been completed. Greystone requests that the repair escrow be reduced to $1,007,811 which is the remaining portion of the incomplete non-critical repairs ($839,842.50) plus 20% of the amount of those repairs ($167,968.50). Item 6: Current Firm Commitment Repair Schedule Requested Firm Amendment Repairs Schedule (attached) Justification: The current firm commitment repair schedule contains an error: the non- critical repair item to replace resident room interior doors should have a quantity of 3 doors instead of 5 doors. The attached repair schedule has been revised to reflect this. Item 7: Current Firm Commitment 100% Insurable Value: $42,966,265 Requested Firm Amendment 100% Insurable Value: $39,270,000 Justification: A current Marshall & Swift Analysis (attached) establishes the property’s reconstruction value as $26,168,516 which is notably less than 80% of the current firm commitment insurable value ($34,373,012) that is calculated by HUD’s current methodology of using the property’s appraised value and major movables value less the land value. Greystone also consulted the PCNA Analyst regarding the insurable value and they also felt that the Marshall & Swift reconstruction value was reasonable for the subject property. For these reasons, Greystone requests that the 100% insurable value be decreased to $39,270,000. A revised 92329 is enclosed. Item 8: Current Firm Commitment Minimum Annual Lease Payment, Condition #15 specifying a 1.05 coverage in the Operating Lease. Requested Firm Amendment should remove this condition. Justification: An ORCF FAQ dated February 6, 2014 notes that this provision will be omitted from firm commitments going forward. Additionally, the subject facility’s Operator Lease Addendum requires rents payable by the Lessee to be sufficient to maintain the project and meet project expenses in accordance with HUD requirements. Item 9: Current Firm Commitment Special Condition #11 Debt Service Escrow equal to 6 months of principal, interest and MIP payments ($234,025)… Requested Firm Commitment Special Condition #11 Debt Service Escrow equal to 6 months of principal, interest and MIP payments ($186,508)… Justification: The newly locked interest rate results in a lower debt service escrow Amount. Item 10: Current Firm Commitment Financing Fee: $311,916 Requested Firm Amendment Financing Fee: $208,480 Justification: This fee has been reduced. FILED: NEW YORK COUNTY CLERK 06/28/2023 02:27 PM INDEX NO. 451549/2023 NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 06/28/2023 3 Revised HUD forms reflecting these changes are attached to this request. Please do not hesitate to contact me at ph: 540-428-7243 or LKing@greystonefund.com if you have any questions or if I may be of assistance. We appreciate your continued assistance with this project. Very truly yours, GREYSTONE FUNDING CORPORATION, INC. Leslie King Underwriter Cc: Lisa Anderson Enclosures