Lancaster Pollard closed a trifecta of transactions this month. The largest was a $23.4 million HUD loan closed on behalf of Hillcrest Health Services to refinance its skilled nursing facility in Papillion, Nebraska. Located on the 44-acre senior living community of Hillcrest Country Estates, the SNF features 126 skilled nursing beds and 12 independent living units. Built in a household model, with 13 residents each in eight cottages and a 22-unit post-acute rehab cottage, the facility was developed in a way to receive financing separate from the rest of the senior living community. The 35-year loan, arranged by Quintin Harris, refinances the existing bank debt and inter-company notes used to construct and stabilize the cottages.
Then, Tony Ruberg of Lancaster Pollard helped a not-for-profit healthcare campus in Galloway, New Jersey save up to $750,000 in annual debt service costs thanks to a $23.1 million HUD refinance. Opened originally in 1916, the now-20-acre campus provides assisted living, memory care, skilled nursing, rehab and home health care services. Its existing tax-exempt bond debt was approaching the end of its lockout period, prompting the switch to HUD.
Finally, Chris Mauger, Chris Blanda and Eric Sengpiel of Lancaster Pollard provided a $6 million acquisition loan through its direct lending subsidiary Lancaster Pollard Finance Company for a 25-bed critical access hospital in Greencastle, Indiana, to buy an 84-bed skilled nursing facility and a 43-bed assisted living community. Within a week of closing the loan, LP applied for a HUD refinance in order to lock in a low interest rate.