Applewood Our House worked with Lancaster Pollard to refinance its entire portfolio of memory care communities in the Denver, Colorado market. The five memory care communities are all on the smaller side, totaling 76 units across the portfolio. They were built between 2007 and 2018 and range in size from 10 to 16 units with a mix of private and shared rooms. Applewood’s rent structure is something we don’t always see in assisted living or memory care, in that it offers a flat rate, all inclusive, pricing structure for private and shared rooms with no “add on” fees. Those extra care charges, while sometimes necessary to keep the community profitable, can often be an unwelcome surprise to family members, even if they were made aware of the possibility of extra charges upon move-in.
To refinance the properties, Rob McAdams of Lancaster Pollard arranged a $9.1 million HUD loan that is non-recourse and comes with a long-term fixed rate.