Lancaster Pollard assists in refinances
Lancaster Pollard announced it has helped Kaplan Development Group refinance two senior living properties for $23.8 million.
The first, Bentley Commons at Bedford, is a 97-unit assisted living community in New Hampshire. The second, Merryvale Assisted Living, is a 74-unit assisted living and memory care facility in Oxford, GA. Both facilities were refinanced with FHA Sec. 232/223(f)-insured loans. The owners obtained fixed-rate debt well below 5% for a 35-year term.
In another deal, Lancaster Pollard helped The Hearth on James, a 71-unit AL facility in New York, refinance for $3.8 million. The facility, built in 2000, received a FHA Sec. 232/223(f) program to obtain a fixed interest rate well below 5% for the next 35 years.