Lancaster Pollard’s Propero Seniors Housing Equity Fund teamed up with Tender Loving Care Management (TLC) for the second time to provide equity for a to-be-built senior living community in Florida. Three years ago, Propero helped finance the construction of a $63 million, 242-bed project in Ocala that was going to offer assisted living, memory care and skilled nursing services. BMO Harris Bank provided a $30 million construction loan, while Propero fronted the equity that minimizes TLC’s own upfront capital requirements but at the same time provides a clear path to ownership.
For the most recent project in Brooksville, Florida, Propero again provided equity to complement a bank loan to fund the $41.4 million (or $243,500 per unit) development. Similar to the Ocala property, it will feature a mix of assisted living, memory care and skilled nursing units. Chris Mauger led the transaction for Propero, and Chris Blanda led the way for Lancaster Pollard.
