The team at Lancaster Pollard posted a trifecta of Fannie Mae/HUD transactions across the middle of the country. The largest of the three, an $11 million Fannie Mae loan with a 10-year fixed-rate term, was arranged for an assisted living/memory care community in Omaha, Nebraska. The community had existing Fannie Mae debt, at a higher interest rate, but was in need of repairs and renovations. Quintin Harris arranged the transaction, which provided $3 million in new money for the renovation project.
Then Kyle Hemminger closed a Fannie Mae loan for a three-year old, 48-bed memory care community in the Houston area that is owned by a Texas-based operator. That was the second Fannie Mae closing Lancaster has arranged on behalf of the borrower.
Finally, going through HUD, Quintin Harris helped a 61-unit assisted living/memory care community in Grand Rapids, Minnesota refinance its two existing bank loans, one with a variable rate and the other with a fixed rate, and unwind a swap agreement. The community obtained a 35-year $5.7 million loan, and was also able to fund repairs and updates to it.
