MADERA, Calif. — Lancaster Pollard has arranged the refinancing of an $11.3 million bridge loan into a $13.3 million non-recourse FHA permanent loan for Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community in Madera, a small town between San Francisco and Los Angeles.
Woodset Partners LLC owns the property, which Integral Senior Living operates. The property opened in 2005 and in 2010 was the winner of the Assisted Living Federation of America’s (ALFA) Best of the Best Award.
Lancaster originally arranged the bridge loan in 2013 to ensure Woodset retained ownership of the community. The intent was to refinance the loan into permanent financing through FHA.
The new loan structure removed many covenants, paid off the $11.3 million bridge loan and $900,000 in mezzanine debt, and provides debt service savings. In addition, the financing funds repairs to the property and a $445,000 deposit to the replacement reserve account.
Jason Dopoulos led the transaction for Lancaster Pollard.