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Lancaster Pollard Secures $23.1M Refinancing for Seniors Housing Property in New Jersey

Seashore-Gardens-Living-Center-Galloway-NJ

Seashore Gardens Living Center is a nonprofit seniors housing community located in Galloway, N.J.

GALLOWAY, N.J. – Lancaster Pollard has arranged a $23.1 million refinancing for Seashore Gardens Living Center, a nonprofit seniors housing community in the Atlantic City suburb of Galloway. The community first opened in 1916 and has expanded to a 20-acre campus over the years. It offers assisted living, memory care, skilled nursing, rehabilitation, long-term care and home health services. The loan will convert the community’s existing bond debt into FHA financing. The refinancing will save the borrower more than $750,000 in debt-service payments each year. The loan features a fixed interest rate and 35-year term. Tony Ruberg led the transaction for Lancaster Pollard.

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