WELSH, La., and SOUTHAVEN, Miss. — Lancaster Pollard recently closed a series of bridge loan transactions for seniors housing communities in the Southeast.
In the first, the firm assisted Golden Age of Welsh, a 107-bed skilled nursing facility (SNF) in Welsh, located between Lafayette and Lake Charles. The $6.7 million bridge loan refinanced the existing debt and provided some equity. The transaction, which also covered capital improvements, closed concurrently with an application for a permanent financing via HUD.
In the next transaction, Lancaster Pollard assisted Advanced Healthcare Management obtain a $12 million bridge loan to acquire Desoto Healthcare Center. The 120-bed skilled nursing facility is located in Southaven, which is a suburb of Memphis. Advanced Healthcare purchased the facility from a local hospital that was seeking to exit the skilled nursing business. Scott Blount, Chris Mauger, Brian Cafarella and Eric Sengpiel led the Lancaster Pollard team.
In an unrelated third transaction, the firm provided an undisclosed amount of bridge financing to Mayberry Gardens to acquire an assisted living and memory care community in Denton, Texas. Mayberry has operated the community since it opened in 2015. The bridge loan financed 100 percent of the acquisition costs and will be completely refinanced with a HUD loan during the first half of 2019. Kyle Hemminger and Chris Mauger led the bridge financing for Lancaster Pollard.