Lancaster Pollard refinances properties in 5 states
Lancaster Pollard recently took on four separate transactions involving the refinancing of properties in Oregon, Colorado, Kentucky, Indiana and Arkansas.
The company underwrote a $5.7 million loan to refinance East Cascade Retirement Community, which is located in Madras, OR, and is operated by Senior Housing Management. East Cascade has 12 independent living units, an assisted living area and Alzheimer's unit with 52 beds and 20 skilled nursing beds. Additionally, Lancaster Pollard assisted with the $5.9 million refinancing of The Oberon, a three-story, 61-unit assisted living facility located in Arvada, CO. Matt Lindsay, vice president and Pacific Northwest regional manager, led these separate transactions.
Lancaster Pollard also arranged the $38.5 million refinancing of four skilled nursing and assisted living facilities belonging to Trilogy Health Services: Blair Ridge Health Campus (Peru, IN), Cumberland Pointe Health Campus (West Lafayette, IN), Franciscan Health Care Center (Louisville, KY), and St. Elizabeth Healthcare Center (Delphi, IN). The four facilities have a total of 281 skilled nursing beds and 184 assisted living units. This transaction funded about $3 million in repairs and more than $2.5 million in an initial replacement reserve deposit.
Lancaster Pollard also assisted Healthmark Services Inc., with the refinancing of The Crossing at Malvern, a 77-unit assisted living facility in Malvern, AR, by closing a $6.4 million loan. The refinance offers a large deposit to the replacement reserve account and will produce significant annual debt service savings. Mike Ashley, healthcare banker representing Arkansas and Missouri, led the transaction.