Lancaster Pollard Arranges Seniors Housing Refinancing in Louisiana, Ohio

by Jeff Shaw

MONROE, La., and GARFIELD HEIGHTS, Ohio — Lancaster Pollard has arranged the refinancing of two seniors housing communities, one for Paramount Healthcare Consultants (PHC) in Monroe for $20.2 million and another for The Jennings Center for Older Adults in Garfield Heights for $12.6 million.

The PHC refinancing is a HUD loan for three facilities — Avalon Place, a 115-bed skilled nursing facility (SNF); Leslie Lakes, a 150-bed SNF and 19-unit independent living facility; and Princeton Place, a 112-bed SNF. Scott Blount, health care banker out of Austin, Tex., led the transaction for Lancaster Pollard.

Lancaster Pollard also assisted PHC with a corporate restructuring to ensure compliance with HUD’s single asset entity and master lease requirements. The existing indebtedness and swap termination fee were completely funded through the FHA Sec. 232/223(f) loans and no equity was required from PHC.

The Jennings Center is a nonprofit community featuring 174 private suites of skilled nursing, 54 units of assisted living, 10 independent living units, adult day services, child day care, a wellness center, transportation services and community programs. The main campus was founded in 1942 and is sponsored by the Sisters of the Holy Spirit.

Lancaster Pollard arranged the refinance Jennings’ 2009 bonds using the FHA Sec. 232/223(f) program. The result is an interest rate just above 3 percent that will generate annual debt service savings. Kass Matt, managing director, led the transaction for Lancaster Pollard.

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