Lancaster Pollard Finances New Transitional Care Facility
Lancaster Pollard recently helped Innovative Health secure construction financing for their to-be-built skilled nursing facility in Aurora, Illinois. The transitional care facility will operate under the THRIVE brand and focus on short-term rehabilitation. It is being built with 68 beds in 60 units and 50,582 total square feet on a 4.25-acre site. According to public documents, the project cost is around $15.9 million, or $233,800 per bed. Brett Murphy of Lancaster Pollard secured a $14.75 million loan through HUD to fund the project, which is the third currently under construction by Innovative Health and its Chicago-based parent company. Those other developments are located in Mundelein... Read More »
Lancaster Pollard Arranges Two Financings
Lancaster Pollard keeps the closings coming, arranging two transactions for senior care facilities in Georgia and California and showing some variety in the process. First, Conner Girdley led the way on a construction financing for a to-be-built community with 131 units of assisted living and memory care in Cobb County, Georgia. The borrower, Brickmont Assisted Living, obtained $24.5 million in tax-exempt bond financing though the Section 142(d) program, which provides financing to assisted living communities that set aside at least 20% of their units for residents whose income is 50% or less of the area median gross income. The Cobb County Board of Commissioners unanimously approved the... Read More »
Lancaster Pollard Refinances Mission Senior Living Community
Orix Real Estate Capital may be making some big moves of late, highlighted by its acquisition of Hunt Real Estate Capital, but it hasn’t stopped them from getting back to business closing transactions. Rob McAdams of Orix affiliate Lancaster Pollard Mortgage Company recently helped Mission Senior Living refinance one of its newest senior living communities. Opened in 2018 in Yuma, Arizona, the community features 56 assisted living units, with a mix of studio, one- and two-bedroom options, and 32 private and semi-private memory care units. Amenities include a bistro and coffee bar, movie theater, concierge, barber shop, beauty salon, wellness center, and a private office for visiting... Read More »
ORIX Acquires Hunt Real Estate Capital
ORIX Corporation USA is continuing to make waves in the senior care lending space. Two years after the firm acquired Lancaster Pollard, they have now agreed to acquire Hunt Real Estate Capital, a subsidiary of Hunt Companies, Inc. In addition to that deal, upon closing, Hunt Real Estate Capital’s President and Chief Investment Officer, James P. Flynn, will become the CEO of the combined entity. For the Hunt loan origination team, including Kathryn Burton Gray as Senior Managing Director, James Scribner, Jason Smeck and Brady Johnson, they should be reunited with their former RED Capital Group colleagues, after leaving the group in early 2018. The Lancaster Pollard, RED Capital Group and... Read More »Schedule a demo
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