LA PORTE, Texas and METHUEN, Mass. — In two separate transactions, Lancaster Pollard has arranged financing for Happy Harbor Apartments, an affordable seniors housing community in La Porte, and Nevins Nursing & Rehabilitation Center, a skilled nursing facility in Methuen.
For Happy Harbor, Lancaster Pollard arranged a refinance of the community’s 2006 HUD loans as well as a new $2.2 million HUD loan. The new capital will be used to provide $930,000 in repairs to the foundation and plumbing, among other repairs. Scott Blount, based out of Lancaster Pollard’s Austin office, led the transaction.
For Nevins, a 154-bed non-profit facility, Lancaster Pollard arranged a $6.6 million HUD loan which will provide refinancing on a previous loan and $1.1 million in renovations to the facility. The loan will also fund a $925,000 initial deposit to a capital reserve fund for future capital improvements. The loan carries an interest rate just over 3 percent and a 30-year amortization. Aaron Becker led the transaction for Lancaster Pollard.