PAPILLION, Neb. — Lancaster Pollard has arranged $23.4 million in HUD financing for Hillcrest Health Services. The borrower will use the funds to refinance The Cottages at Hillcrest Country Estates, a seniors housing community in the Omaha suburb of Papillion.
The Cottages at Hillcrest Country Estates features 126 skilled nursing beds and 12 independent living units. It’s part of the Hillcrest Country Estates development, a 44-acre community offering the full continuum of seniors housing.
The Hillcrest Country Estates campus was designed and managed specifically to allow for the individual components, such as the Cottages, to be financed separately.
The Cottages at Hillcrest Country Estates was developed as a household model featuring eight cottages that are home to 13 residents each and a ninth cottage that features 22 private suites for post-acute rehabilitation.
The loan features a fixed rate and 25-year term. Quintin Harris led the transaction for Lancaster Pollard.