Lancaster Pollard announced financing for several seniors housing facilities.
Arcadia Communities, based in Kentucky, refinanced its debt at a 4% rate on The Bluffs Senior Community in Houghton, MI. The community was able to fund around $5,000 in current repairs and put $175,000 into a replacement reserve fund, Lancaster Pollard noted.
The firm also purchased a USDA Sec. 538 program loan on the Heritage Woods of Charleston, a 68-unit supportive living facility in Illinois, for Yost Management Company, LLC. The construction was financed through the program in conjunction with 9% low-income housing tax credits. The firm purchased the 538 loan from the existing USDA lender, a non-GNMA approved community bank, and refinanced it through the sale of a GNMA security. The transaction will mean $60,000 of annual debt service savings. Additionally, the refinance eliminated personal recourse.
Lancaster Pollard also helped in refinancing four affordable seniors housing facilities in California with an $8.5 million loan. Rural Communities Housing Development Corporation was able to refinance Highlands Village, Lakeview Housing, Jack Simpson Apartments and North Shore Villas in order to improve the facilities. The refinance resulted in over $66,000 in total annual debt service savings, nearly $1.9 million in total funds for repairs, just over $553,000 in increased replacement reserves and nearly $969,000 in potential developer fees, the firm said. Upcoming repairs include kitchen renovations, new roofs, new unit flooring and new windows.