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GRAND RAPIDS, Minn. — Lancaster Pollard has arranged a $5.7 million FHA refinancing for River Grand Senior Living, a 61-unit assisted living and memory care community in the Northern Minnesota town of Grand Rapids.
The owners of River Grand sought to replace existing debt, which consisted of two separate bank loans, one with a variable rate and one with a fixed rate. Ownership also wanted to obtain funds for repairs and improvements.
The new debt structure features a fixed interest rate and 35-year term. Quintin Harris, senior vice president for Lancaster Pollard in Minnesota, led the transaction.