CHASKA, Minn. — Lancaster Pollard Mortgage Co. has arranged a $25 million refinancing for Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis.
Chaska Heights was originally developed in 2015 with a funding structure that included Tax Increment Financing (TIF) from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living light units in one section and 58 assisted living units and 14 memory care units in the other. Tealwood Senior Living operates the community.
Quintin Harris, who recently expanded his leadership role at Lancaster Pollard by taking helm of the Midwest team, led the transaction.
“We were able to significantly improve the fiscal outlook of our valued client by refinancing construction debt that carried a variable interest rate with non-recourse agency debt that features a fixed rate below 3 percent,” says Harris. “The benefits of FHA financing are ample in situations like this and Chaska Heights is now well-positioned for continued growth and success.”
The financing, which carries a 35-year term, also funds renovations and the replacement reserves account.