Lancaster Pollard helps health care, senior living, affordable housing and private education organizations expand and improve their services by providing financial advice and financing solutions. Lancaster Pollard’s services enable hospitals, assisted living facilities, nursing homes, rural housing properties and private schools to develop the financial plans and secure the funding necessary to continue to serve their communities and lets them focus on what’s truly important –their residents, their patients, and their students.
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Home > News > Press Archive > 02-17-06 Senior Refinance

Senior Communities Fund Future Improvements, Protect Against Rising Rates
COLUMBUS, Ohio (Feb. 17, 2006) – Two family-owned senior living communities in Indiana today obtained a total of $7.2 million to refinance existing high-interest-rate debt, set aside funds for future replacements and create a new community area.

 Both properties used federal mortgage insurance provided through Lancaster Pollard to fix their cost of capital at less than 6 percent for 35 years.

One of the properties, a Medicare- and Medicaid-licensed nursing facility, will use a portion of its loan proceeds to convert six living units near the busy dining and lounge areas into therapy rooms and common space. The proposed changes will effectively create more of a community atmosphere, offering additional amenities and social services increasingly demanded by today’s seniors.

The transactions are the fourth and fifth in a strategy developed by Lancaster Pollard and the organization’s parent company to access non-recourse funding at the lowest possible cost.

“ This transaction nicely complements our overall capital funding strategy for all of this owner’s facilities, which focuses on taking advantage of today’s low interest rates through funding structures individually tailored to the unique needs of each senior living campus,” said Steve Kennedy, vice president of Lancaster Pollard