The ever-prolific team at Lancaster Pollard closed two more HUD financings on the back of their impressive $610.4 million haul during the 232 Lean program’s fiscal year 2018, which placed them second in terms of volume among the Lean lenders. The first closing was in Greentown, Indiana for an 84-bed skilled nursing facility and a 43-unit assisted living community. Both are owned by Putnam County Hospital (a 25-bed critical access hospital in town) and managed by Exceptional Living Centers.
The hospital purchased the property in January 2018 with the help of a $6 million bridge loan provided by Lancaster Pollard Finance Co. that was underwritten concurrently with the HUD refinance. Now, the permanent financing takes out outstanding debt and funds replacement reserves and other repairs, including a roof renovation. Chris Blanda led the way on the transaction.
Then, Jason Dopoulos refinanced a 72-bed assisted living/memory care community in Redmond, Washington with a $4.9 million loan. Built in 1990, the community recently received significant capital expenditures. With the refinance, its owners took out $3.2 million of existing bank debt and reimbursed $1.4 million that was directed to the capex project, in addition to funding $106,000 in replacement reserves and putting in place a replacement ground lease. Job well done.
