KANSAS CITY, Mo. — Lancaster Pollard has arranged a $7.6 million bridge loan for three skilled nursing facilities operated by Medicalodges Inc.
Medicalodges owns and operates 25 skilled nursing facilities, eight assisted living facilities and four home health care offices throughout the greater Kansas City area. The specific locations involved in the financing were not disclosed.
Lancaster Pollard’s Debt Syndications Group obtained a bridge placement with First Bank that allowed Medicalodges to fund capital expenditures at the facilities and the repurchase of employee stock ownership plans (ESOPs). The bridge loan carries a 36-month term and is expected to be taken out with FHA permanent financing after two years.
Bill Wilson led the transaction for Lancaster Pollard with Joe Munhall leading the way for Lancaster Pollard’s Debt Syndications group.