Lancaster Pollard assists in refinancing
Lancaster Pollard helped a senior living facility with memory care refinance, the firm announced this month.
Sterling Pointe Senior Living, located in Minnesota, was originally built in 2011 and has dementia care in a separate unit. Owners wanted to refinance existing debt, and
Lancaster Pollard “orchestrated a financing solution that demonstrated that the TIF loan payoff was an eligible use of proceeds and that the value of the TIF cash flow should be included in the project value.”
That resulted in a $6 million loan insured by the FHA Sec. 232/223(f) program that pays off the first mortgage, two member notes and the TIF loan. Sterling Pointe now has permanent debt financing for 35 years with a low interest rate.Leading the transaction was Quintin Harris, senior vice president with Lancaster Pollard in Minneapolis.