Lancaster Pollard Provides $17M FHA Refinance for CCRC in Ohio
GARFIELD HEIGHTS, OHIO — Lancaster Pollard has provided a $17 million FHA refinance for The Village at Marymount, a nonprofit continuing care retirement community (CCRC) affiliated with the Sisters of St. Joseph of the Third Order of St. Francis. The community is located in Garfield Heights, a suburb of Cleveland. The CCRC consists of Villa St. Joseph (a 102-bed skilled nursing and 12-bed memory care facility), Marymount Place (a 104-unit assisted living facility) and Clare Hall (a long-term care facility that includes a newly renovated 10-bed inpatient hospital unit). The loan carries a 35-year term, is nonrecourse, has no financial covenants, and provides for approximately $171,000 in annual debt service savings as well as nearly $75,000 for repairs and improvements. Kass Matt led the transaction for Lancaster Pollard.