Lancaster Pollard Making News
Lancaster Pollard is certainly keeping busy this month. First, Lancaster Pollard Finance Co., led by Doug Korey, provided a $5.4 million balance sheet loan to fund Benicia Senior Living’s acquisition of a 60-unit assisted living/memory care community in Eugene, Oregon. Second, Chris Blanda of LP structured a $5.4 million HUD LEAN loan with a 25-year term for nonprofit Baptist Homes to expand the Medicare skilled nursing offering at its CCRC in Louisville, Kentucky. Third, for Real Properties Health Facilities Corp.’s $29.5 million refinance of its 12 skilled nursing and assisted living facilities with 1,000 available beds in four states, Lancaster Pollard served as placement agent, with... Read More »Cain Bros. arranges two HUD loans
Cain Brothers Funding, the mortgage banking affiliate of Cain Brothers, arranged $31.5 million in HUD financing for two clients in California and New York. The first was a $13.67 million HUD mortgage loan for Eskaton Senior Living Communities to refinance a 105-bed non-profit assisted living community in Northern California. The proceeds of the loan retired existing bank debt and an interest rate swap, to replace it with a 35-year fully amortizing term and a fixed interest rate of 3.07%. The second loan was a $17.8 million HUD mortgage for Catholic Charities of Brooklyn and Queens to refinance existing commercial bank and tax-exempt bond indebtedness on a 200-bed skilled nursing facility... Read More »Capital Funding Group funds two SNF acquisitions
Capital Funding Group recently completed two bridge-to-HUD loans for the acquisition of three skilled nursing facilities. The first, an $18.29 million loan arranged by Craig Casagrande, financed the acquisition of two SNFs in Pennsylvania, totaling 256 beds. If this sounds familiar, you would be right, as the transaction, between buyer, Vita Healthcare Group and seller, a regional senior living operator, was featured in the June issue of The SeniorCare Investor. The two facilities, a 173-bed SNF (90% occupied) built in 1978 and a facility with 45 skilled nursing beds (75% occupied) and 38 personal care beds (85% occupied) built in 1968, with the skilled nursing beds added in 1996, were the... Read More »Lancaster Pollard closes 21 deals
Lancaster Pollard had a busy month in May, closing 21 seniors housing financing transactions totaling over $136 million. Most of the loans were through HUD, including four refinances for skilled nursing facilities in Georgia and Florida, two FHA 232/241(a) expansion projects for skilled nursing facilities in the Midwest, and a $23.5 million new construction loan through HUD for an assisted living/memory care community in Virginia. Five of the transactions were for note modifications of existing HUD loans, while six were either refinances or rehabilitation loans for affordable seniors housing properties. LP facilitated one term loan placement of $7.4 million for the construction of a... Read More »Schedule a demo
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