COVER STORY
STEPHEN ROSENBERG
of the nation’s largest providers of funding and financing to nursing homes and skilled nursing facilities, and the company owns and operates about 3,000 beds. “That industry is going through a lot of upheaval right now,” Rosenberg observed. “We are launching an effort on behalf of some of our clients to acquire more of these properties over the next couple of years. We might acquire 100 or even more than 200, so it will be an area of great expansion.” He explained where the opportunity comes into the sector: “A lot of the largest operators in the country are realizing they just can’t operate in every state anymore because hospitals only want to do business with skilled nursing facilities that provide a really high level of care. In today’s world, good care is not enough for state regulators, and standards still vary state to state. Every state has its own personality, and every regulator is different.” As operators exit their facilities in some states, Rosenberg noted many buyers do not “have as much experience as they should have to run their new investments, and that creates trouble for them as well.” Greystone & Co. is poised, thanks to its history with nursing homes and skilled-nursing facilities, to leverage this industry-wide instability, acquire the distressed assets, and return those facilities to a level of high-quality care. “Thankfully, we’re really better positioned than any company in the country to address this,” he said proudly. “There will always be incredible opportunity wherever there is industry instability, and real estate investors tend to be the best-prepared to identify it, leverage it, and remediate it.” •
Carole VanSickle Ellis is the editor of Think Realty Magazine. She can be reached at cellis@thinkrealty.com.
Stephen Rosenberg sees opportunities to help investors and improve access to housing everywhere, even in the most expensive markets in the country. (View: Central Park from Greystone & Co. headquarters)
24 | think realty magazine :: august 2018
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