DETROIT and AIKEN, S.C. — Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capita, LLC, has closed a series of financing transactions for seniors housing communities in the Midwest and Southeast.
In the first transaction, Lancaster Pollard assisted Riverview Health with the refinance of two of its skilled nursing communities in Detroit. Two loans were obtained via the FHA Sec. 232/223(f) program to refinance the existing debt on Riverview Jefferson, a 176-unit community, and Riverview Health & Rehab, a 180-unit community. The transactions also provided funds for the reimbursement of prior capital expenditures and replacement reserves. Brad Competty and Brendan Healy led the transactions.
In the second transaction, Lancaster Pollard helped a Georgia-based skilled nursing owner-operator, The Place, obtain funding for the acquisition of Pepper Hill Nursing & Rehab Center LLC. The 125-bed facility is located in Aiken, where The Place was looking to expand. Allison Jones of Pinnacle Financial Partners provided a bridge loan for the transaction. Conner Girdley, health care banker for Lancaster Pollard in Georgia and Tennessee, led the transaction with assistance from Joe Munhall from the firm’s debt syndications group.
In the final transaction, Lancaster Pollard helped a continuing care retirement community (CCRC) in the Midwest obtain a $42 million Fannie Mae refinancing. The loan features a 12-year term and fixed interest rate. Brad Competty, Casey Moore and Doug Harper led the transaction for Lancaster Pollard.