Lancaster Pollard recently assisted Samaritan Village, a California long-term care community, refinance with $23.3 million to convert a portion of their independent living units into assisted living units. Samaritan Village is operated by Hughson Samaritan Village.

Lancaster Pollard worked with HUD and negotiated a discounted payoff with existing bond holders. It also obtained a letter of credit with a local bank that covered the debt service reserve cash requirement. Samaritan is expected to achieve $560,000 in annual debt service savings. In addition, the refinance will fund $580,000 in repairs.

The firm also recently helped with:

  • The refinancing of a long-term care community in Indiana called Park Place Senior Living, a 118-bed skilled nursing facility
  • Claremont Care Center of Point Pleasant, N.J., for Hoosier Care, Inc., an Indiana nonprofit organization
  • The acquisition of Parkhaven Retirement and Assisted Living Community by Parkhaven Investors, in Montana.