Lancaster Pollard Refinances $28.5M for Two Mass. Facilities

by Jeff Shaw

Lancaster Pollard has refinanced $23.2 million fixed-rate, taxable notes insured by the FHA Sec. 232/233(f) Program and a $5.3 million bridge-to-agency loan, provided by the firm, for two properties: Marina Bay, a 167-bed skilled nursing facility in Quincy, Mass., and West Acres, a 138-bed skilled nursing facility in Brockton, Mass.

The refinancing was performed as investment banker to Alliance Health and Human Services, a not-for-profit corporation that delivers health care and related services for elders and therapeutic foster care programs for children with medical and/or emotional needs.

In 1999, Alliance issued $38 million in publicly offered tax-exempt bonds for the construction of Marina Bay and the acquisition and renovation of West Acres. The two properties were cross-collateralized through terms outlined in the bond indenture and were required to be refinanced simultaneously. The blended rate of Marina Bay’s HUD mortgage loan and West Acres’ bridge loan result in an annual debt service savings of over $1 million. Aaron Becker led the financing.

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