ST. MICHAEL, Minn. — Lancaster Pollard has arranged a $11.7 million refinancing for The Legacy of St. Michael, a 95-unit independent living, assisted living and memory care community in the Minneapolis suburb of St. Michael.
The borrower is Tealwood Senior Living, which operates a portfolio of seniors housing communities throughout Minnesota, Wisconsin, Iowa, Nebraska and South Dakota.
The loan replaces short-term, floating-rate bank debt with long-term, fixed-rate, non-recourse financing through HUD. The loan will be used to finance operations and improve the physical building.
Quintin Harris led the transaction for Lancaster Pollard.