SALT LAKE CITY, HOLLADAY, Utah, and VACAVILLE, Calif. — Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital, has arranged three refinancing loans for seniors housing properties in the West totaling $57 million.
In the first two transactions, The Ridge Senior Living received $49.1 million in Fannie Mae financing for its Foothill community in Salt Lake City and its Cottonwood property in Holladay. Ross Holland, Doug Harper and Casey Moore led those transactions for Lancaster Pollard. The deal provides long-term financing for the two properties, as well as some cash-out funds.
In the final transaction, Vaca Valley Living received $7.9 million in refinancing for its community in Vacaville. The 50-unit memory care property was completed in 2018. The Fannie Mae financing recapitalizes existing debt, delivers equity for the borrower and includes an interest-only payment period. Grant Goodman, Doug Harper and Casey Moore led the transaction for Lancaster Pollard.