Lancaster Pollard has assisted National Church Residences with two financings at $30.5 million, including an obligated group with outstanding tax-exempt bonds.
The firm helped National Church Residences refinance Traditions of Chillicothe, a 117-unit continuing care retirement community in Ohio. Lancaster Pollard helped National Church Residences remove Traditions from the OG by defeasing one bond series and partially redeeming another. The firm then orchestrated a $17.3 million refinance using the FHA Sec. 232/223(f) program.
Lancaster Pollard underwrote a new OG tax-exempt bond issue to refund existing publically offered variable-rate demand bonds and structured a $13.2 million financing that resulted in a new variable-rate structure that was privately placed with a bank.
Lancaster Pollard also worked with Eskaton to rehabilitate a portfolio of seven affordable seniors housing properties in Northern California. The firm recommended using the FHA Sec. 223(f) program to refinance the seven properties. With a total loan amount of $20.3 million, the refinance resulted in over $212,000 in total annual debt service savings, over $4.8 million in total fund repairs, and nearly $2.7 million in developer fees.