Lancaster Pollard Structures Financing Between Agemark, Protective Life Insurance

LINCOLN and OMAHA, Neb. — Lancaster Pollard Mortgage Co. has facilitated a refinancing between Protective Life Insurance Co. and Agemark Corp.

Agemark is an assisted living owner-operator based in California. Two of Agemark’s eight Nebraska properties — Countryhouse of Lincoln III, a 37-unit memory care facility, and Countryhouse of Omaha, a 38-unit memory care facility — were encumbered with traditional bank debt. The principals of Agemark aimed to refinance the two facilities with long-term, non-recourse debt.

Based in Birmingham, Ala., Protective Life Insurance is a wholly owned subsidiary of Protective Life Corp., which in turn is a wholly owned subsidiary of Dai-ichi Life Holdings. The company provides long-term first mortgage financing for various commercial real estate asset types. 

For this deal, the life insurance company execution allowed Agemark to lock in the interest rate early in the underwriting process and extract equity from the facilities. Ultimately, Agemark secured a 10-year, fixed-rate financing. The amount of the financing was not disclosed.

Grant Goodman of Lancaster Pollard was lead banker, along with Casey Moore and Doug Harper from the company’s agency finance team.