Lancaster Pollard Arranges $33.5M Refinancing for Two Seniors Housing Communities on West Coast
WEST LINN, ORE. — Lancaster Pollard has arranged two refinancings totaling $33.5 million for seniors housing communities in the Portland suburb of West Linn and an undisclosed town in Northern California.
In the first transaction, Lancaster Pollard arranged $19 million for Sterling Senior Communities to refinance Tanner Springs, a 115-bed assisted living and memory care community in West Linn.
The transaction refinanced an existing HUD loan of $10.5 million and included a reimbursement of $8.2 million for previously incurred capital expenditures. Jason Dopoulos led the transaction for Lancaster Pollard.
In the second transaction, Lancaster Pollard arranged $14.5 million for Cornerstone Assisted Living Communities. The loan will refinance an undisclosed, 110-bed assisted living community in Northern California.
The transaction refinances $9.6 million of existing debt and reimburses $4 million for previously incurred capital expenditures. The remaining capital paid the transaction costs. Grant Goodman led the transaction for Lancaster Pollard.
Both financings are through Lancaster Pollard’s Fannie Mae program. Doug Harper and Casey Moore of Lancaster Pollard assisted on both deals.