Lancaster Pollard Lands Another HUD Loan
Lancaster Pollard didn’t rest on its laurels for long. After HUD announced that Lancaster Pollard beat out all other HUD LEAN lenders in both number of transactions (79) and loan volume (nearly $770 million), the firm closed another HUD loan on behalf of Premier Senior Living. A group of seven of its senior care facilities in the Southeast were previously financed with bonds from a national bank that were set to mature in the fall of 2017. So, Ross Holland and Jason Dopoulos of Lancaster Pollard arranged a $47.1 million loan to refinance the portfolio, which included orchestrating a master lease and debt allocation for four of the communities. The loan also funds replacement reserves for... Read More »Lancaster Pollard’s $50 Million Month
Lancaster Pollard showed off its financing prowess, closing a variety of transactions this month that totaled over $50 million. Bill Wilson first arranged a $9.5 million HUD loan on behalf of an Oklahoma City-based senior care operator to refinance one of its skilled nursing facilities and fund the recent construction of a therapy addition. Lancaster Pollard and the borrower have a strong relationship, working together on five transactions, totaling over $40 million, since 2014. Mr. Wilson, with assistance from Joe Munhall, also obtained a $17.4 million construction loan for a 120-unit senior living community (with independent living, assisted living and memory care) in Lincoln, Nebraska.... Read More »CareTrust REIT’s Wisconsin senior care strategy
CareTrust REIT just doubled down on its Wisconsin senior care strategy. Almost a year after acquiring an assisted living community in West Allis, Wisconsin from Priority Life Care (and then leasing it back), CareTrust is acquiring two more memory care communities in the Milwaukee MSA for approximately $26.1 million, or $296,591 per unit. The communities were well occupied (both at 97%) and relatively recently built (one property was built in 1997 and 2011 and the other was in 2013). Added to a master lease with Premier Senior Living for the remaining initial term of 14 years (with two five-year renewal options and CPI-based rent escalators), the communities are expected to generate annual... Read More »CareTrust’s buying spree continues
CareTrust REIT entered the Michigan market, acquiring four assisted living/memory care communities in the state for $30.8 million, or $163,830 per unit. The assisted living/memory care portfolio includes a 46-unit community in Clarkston, a just-built 40-unit community in Goodrich, a 62-unit community in Burton and a 40-unit community in Lapeer. Similar to previous transactions this year, CareTrust immediately leased the communities to an existing operating partner, this time the REIT amending a master lease with Premier Senior Living. The lease will generate approximately $2.7 million in annual rental revenue, but because of the brand-new Goodrich community, CareTrust gave Premier a... Read More »Schedule a demo
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