Lancaster Pollard Mortgage Company helped provide financings for skilled nursing facilities in Michigan and South Carolina, while also landing a $42 million Fannie Mae refinance for a continuing care retirement community (CCRC).
In Michigan, Lancaster Pollard assisted Riverview Health with the refinance of two of its communities in Detroit. Lancaster Pollard obtained two loans through the Federal Housing Administration’s (FHA). 232/223(f) program to refinance the existing debt on the 176-unit Riverview Jefferson and the 180-unit Riverview Health & Rehab. The transactions, which were led by Brad Competty and Brendan Healy, also provided funds to cover prior capital expenditures and replacement reserves.
Lancaster Pollard also facilitated funding for the acquisition of the 125-bed Pepper Hill Nursing & Rehab Center, LLC, in Aiken, S.C. by the skilled nursing owner and operator The Place, which was looking to expand in the state. Lancaster Pollard obtained a bridge loan with Allison Jones of Pinnacle Financial Partners; Conner Girdley, health care banker for Lancaster Pollard in Georgia and Tennessee, led the transaction with help from Joe Munhall.
In addition, Lancaster Pollard helped a Midwest CCRC refinance with a 12-year, $42 million Fannie Mae loan; Brad Competty, Casey Moore, and Doug Harper led that transaction for the financial services firm.
Monticello Provides $37.8M in Debt Financing for Two New Jersey SNFs
Monticello Asset Management provided $37.8 million first-lien debt financing for the acquisition of two SNFs with 328 beds in New Jersey. The deal includes a $3 million working capital loan to the operating companies of the properties, and was provided by Monticello Commercial Capital, Monticello’s asset-based lending group.
The borrower, an owner and operator with a current portfolio of more than 2,000 licensed beds, expects to eventually receive a loan guaranteed by the Department of Housing and Urban Development (HUD).
New Owner for Ashland Health and Rehabilitation in Wisconsin
Ashland Health & Rehabilitation, a 72-bed SNF in Ashland, Wis., is now operated by North Shore Healthcare and will be renamed Ashland Health Services, the Ashland Daily Press reported.
North Shore also operates Court Manor Health Services in the same town; the company provides long-term skilled nursing care, short-term rehabilitation, and assisted living services in Wisconsin, Minnesota, and North Dakota.