BIG RAPIDS and GAYLORD, Mich. — Lancaster Pollard Mortgage Co. has arranged $16 million in financing for The Brook Retirement Communities.
The Fannie Mae financing package will be used to refinance debt against The Brook of Big Rapids and The Brook of Gaylord, both 62-unit communities offering independent living and assisted living. Big Rapids and Gaylord are approximately 100 miles apart in the northern portion of Michigan’s Lower Peninsula.
The loans feature fixed interest rates, 12-year terms and cash-out proceeds. Brad Competty, Brendan Healy and Doug Harper led the transactions for Lancaster Pollard.