Lancaster Pollard Mortgage Company followed up its HUD refinance of an assisted living/memory care community in Minnesota for a deal in a much more hospitable year-round climate. Doug Harper and Casey Moore of Lancaster Pollard headed to Honolulu, Hawaii (lucky guys) to arrange permanent financing for a senior living community located on the slopes of Punchbowl Crater, an extinct volcanic cone in downtown Honolulu.
Owned by MW Group, Ltd., the community was built in 2003 and renovated in 2017. It currently consists of 68 independent living, 20 assisted living and 20 memory care units, and is one of six seniors housing and care properties in Hawaii operated by The Plaza Assisted Living.
There was existing Fannie Mae debt on the property, which was taken out by a new $33 million Fannie Mae loan that comes with a 10-year term and five years of interest only. That equates to $305,500 per unit, but it is Hawaii after all.
