COLUMBUS, Ohio — Lancaster Pollard has arranged $47.1 million in financing for Premier Senior Living. The loans will refinance debt on seven of Premier’s seniors housing facilities in the Southeast.
The properties offer a mix of independent living, assisted living, memory care, skilled nursing, rehabilitation and respite care in North Carolina, South Carolina and Georgia. The portfolio serves over 1,000 residents. The names of the properties were not disclosed.
The portfolio was previously financed with bonds from a national bank that were due to mature in the coming months. Lancaster Pollard used the FHA Sec. 232/223(f) program to arrange the fixed-rate, non-recourse financing.
As part of the deal, Lancaster Pollard negotiated a master lease and debt allocation structure for four of the communities. The end result was debt service savings, as well as funds for the replacement reserves and for repairs and improvements.
Ross Holland and Jason Dopoulos led the transaction for Lancaster Pollard.