Lancaster Pollard showed off its financing prowess, closing a variety of transactions this month that totaled over $50 million. Bill Wilson first arranged a $9.5 million HUD loan on behalf of an Oklahoma City-based senior care operator to refinance one of its skilled nursing facilities and fund the recent construction of a therapy addition. Lancaster Pollard and the borrower have a strong relationship, working together on five transactions, totaling over $40 million, since 2014. Mr. Wilson, with assistance from Joe Munhall, also obtained a $17.4 million construction loan for a 120-unit senior living community (with independent living, assisted living and memory care) in Lincoln, Nebraska. U.S. Property, also based in Lincoln, is developing the property and contributed equity to fund it. American National Bank provided the loan, which featured a five-year term. Assuming a standard loan-to-value of 70%, we can estimate the development cost to be approximately $208,000 per unit, which is very close to the national average of $206,000 per unit for seniors housing properties (IL, AL, MC or some combination of the three).
Finally, from Lancaster Pollard, Jason Dopoulos and Ross Holland led the way in obtaining a $24.7 million HUD loan to refinance a 286-unit (350-bed) CCRC in Mt. Pleasant, South Carolina (Charleston MSA). With the loan proceeds, the community’s owner, Premier Senior Living, will refund Series 2007 bonds on the community, fund a $1.1 million replacement reserve and facilitate various renovations and improvements. Nice transaction trio from Lancaster Pollard.
