Lancaster Pollard’s bridge lending program got a good workout in the new year with three new closings. The team of Scott Blount, Chris Mauger, Brian Cafarella and Eric Sengpiel closed the largest transaction, which totaled $12 million, on behalf of Advanced Healthcare Management to acquire a 120-bed skilled nursing facility in Southaven, Mississippi. A local hospital looking to exit the SNF business was the seller.
That same team from Lancaster Pollard also closed a $6.7 million bridge loan for a 107-bed skilled nursing facility in Welsh, Louisiana. The transaction refinanced existing debt and capital improvement costs, and also provided some equity cash out.
Finally, Mr. Mauger and Kyle Hemminger arranged an acquisition bridge loan for an assisted living/memory care community in Denton, Texas. Opening in 2015, the community has been well occupied since 2017. Looking to continue that success, the operator, Mayberry Gardens, emerged as the buyer, funding 100% of the acquisition costs with the bridge loan.