GALLOWAY, N.J. — Lancaster Pollard has arranged a $23.1 million refinancing for Seashore Gardens Living Center, a nonprofit seniors housing community in the Atlantic City suburb of Galloway.
The community first opened in 1916 and has expanded to a 20-acre campus over the years. It offers assisted living, memory care, skilled nursing, rehabilitation, long-term care and home health services.
The loan will convert the community’s existing bond debt into FHA financing. The refinancing will save the borrower more than $750,000 in debt service payments each year. The loan features a fixed interest rate and 35-year term.
Tony Ruberg led the transaction for Lancaster Pollard.