Lancaster Pollard Arranges Four FHA Refinancings Totaling $55.1M for Summit Healthcare REIT

by Jeff Shaw

DELAWARE and OREGON — Lancaster Pollard has arranged $55.1 million in FHA Section 232/223(f) loans to refinance four Summit Healthcare REIT properties in Delaware and Oregon. The program provides for the acquisition and refinancing of healthcare properties  including licensed skilled nursing facilities, assisted living, intermediate care facilities, board and care, and combinations thereof.

The four properties refinanced were Atlantic Shores Rehabilitation & Health Center, a 181-bed skilled nursing facility in Millsboro, Del.; Pinnacle Rehabilitation & Health Center, a 151-bed skilled nursing facility in Smyrna, Del.; Applewood Retirement Community, a 69-unit independent living community in Salem, Ore.; and Gateway Care and Retirement Center, a 66-unit independent living, assisted living and skilled nursing community in Portland, Ore.

Summit owns the four properties through joint ventures. Both Applewood and Gateway are part of the Sapphire Health Services Community network.

Jason Dopoulos led the transactions for Lancaster Pollard.

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