Lancaster Pollard announced a series of refinancings for both skilled nursing and seniors housing clients, for over $70 million in total volume across four transactions. First up, Oriol Health Care, a family-owned business, obtained a $16.2 million HUD loan to consolidate their debt with one lender, eliminate interest rate risk associated with a swap, fund repairs and also reimburse capital expenditures at its 123-bed skilled nursing facility in Holden, Massachusetts. The Oriol family built the facility in 1965 but recently expanded it to include a respiratory care unit, a home health care business and therapy services. They own one other facility in the state. Aaron Becker and Adam Walter of Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital, closed the deal which came with an interest rate in the mid-2% range.
Then, Miles Kingston of Lancaster Pollard helped the owner of a 142-bed skilled nursing facility in Fairport, New York to refinance with a $17.2 million HUD loan. The borrower acquired the facility in 2018 and has improved operations and financial performance since then, leading to the permanent refinance. Mr. Kingston was able to consolidate numerous pieces of acquisition debt on the facility into one non-recourse structure with a low, fixed interest rate.
Next, Kyle Hemminger led the way on a refinance for a skilled nursing/memory care facility in the Lake Highlands neighborhood of Dallas. The $20.8 million loan took out existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements made to the property.
Finally, Gardant Management received a $16.9 million loan from HUD to refinance a short-term bridge loan on its 148-unit Medicaid waiver assisted living community in Batavia, Illinois. Brett Murphy of Lancaster Pollard handled the transaction.
