Spreading the love this month, Lancaster Pollard worked with HUD, Fannie Mae and a bank to close its latest three transactions. Quintin Harris led the way on the HUD deal, closing an $11.7 million refinance to replace short-term, floating-rate commercial bank debt on a 95-unit senior living community in St. Michael, Minnesota. Moving forward, the community’s owners, Tealwood Senior Living and its partners, will be able to invest in the physical plant and better serve its residents.
On the Fannie Mae financing, Casey Moore arranged a 12-year loan for an 89-bed memory care community in Olympia, Washington. Originally built in 1996, the community had an existing 10-year Fannie Mae loan that was maturing in June. The new loan will finance $2.6 million in capital improvements to update the community.
Finally, Ross Holland and Joe Munhall worked with a private developer/investor to arrange a construction loan for the development of a new 99-bed skilled nursing facility in Moreno Valley, California. Sunwest Bank provided the loan.