Apple Rehab, Lancaster Pollard close financing

Share this content:

 

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.