Apple Rehab, Lancaster Pollard close financing
Lancaster Pollard has closed six refinance transactions for Apple Rehab in Connecticut.
The total loan amount of the six loans through FHA Sec. 232223(f) was $40.7 million. The facilities refinanced are: The Clipper Home in Westerly, RI; T.A. Coccomo Memorial in Meriden, CT; Hewitt Health & Rehabilitation Center in Shelton, CT; Plainville Health Care Center in Plainville, CT; Apple Rehab Colchester in Colchester, CT and Waterbury Extended Care Facility in Watertown, CT.
The facilities have a total of 517 skilled nursing beds.
The FHA 232/223(f)-insured loans carry 30-year terms and low, fixed interest rates. The refinancing transactions will allow Apple Rehab to enjoy significant debt service savings and a substantial deposit to its replacement reserves, ensuring the capital needs of the facilities are adequately met over the life of the loans.