ARDEN, N.C. — Lancaster Pollard has arranged a total of $120 million in financing for SanStone Health & Rehabilitation, a skilled nursing provider.
Based in Arden, south of Asheville, San Stone operates 14 facilities throughout North Carolina totaling more than 1,700 beds.
The financing represents a “comprehensive financial plan,” according to Lancaster Pollard. The transaction will allow SanStone to evaluate its capital structure to fund acquisitions, modify ownership interests, increase borrowing capacity and mitigate risk.
The financing package includes establishing a new commercial banking relationship and utilizing long-term, fixed rate, non-recourse financing available under the FHA Sec. 232 program.
Kevin Oakley acted as lead banker, supported by Gerald Swiacki and Joe Munhall, in Lancaster Pollard’s role as syndication agent and HUD lender.