Lancaster Pollard helps with SNF refinance
Lancaster Pollard announced it has assisted Nevins Nursing & Rehabilitation Center with a refinance of its existing letter of credit debt. It obtained a $6.6 million fixed rate loan.
Nevins is located in Methuen, MA, and has 154 beds. The taxable loan through the FHA Sec. 232/223(f) program to refinance the LOC provided for over $1.1 million in renovations and funded a $925,000 initial deposit to a capital reserve fund for future capital improvements.
The loan carries an interest rate just over 3.0% and a 30-year amortization.