Working on behalf of The Arboretum Group (TAG), Lancaster Pollard helped arrange two bridge loans to recapitalize five of their skilled nursing facilities in Texas. The first loan, coming in at $12 million with a 12-month term, was closed for two SNFs in south Texas to refinance existing debt and help take out equity.
Then, Lancaster Pollard agented with syndicate partner MB Financial Bank to facilitate a $30 million, 30-month bridge loan for three more south Texas SNFs. The loan came with two three-month extensions and earn-out provisions. TAG was also able to extract equity from the properties. Finally, the firm arranged HUD debt for a sixth facility. Scott Blount, Chris Mauger and Eric Sengpiel of Lancaster Pollard led the way on the transactions, with Joe Munhall leading the syndication effort.
