Columbus, Ohio-based Lancaster Pollard, a national investment banking and mortgage banking firm, recently financed a pair of nonprofit senior-living properties in Ohio and Indiana.
The Lutheran Home at Concord Reserve, a 192-bed skilled-nursing and 43-unit assisted-living facility in Westlake, Ohio, refinanced $22 million in outstanding bonds. The refinancing locked in a fixed interest rate below 3 percent for 35 years, resulting in $1 million in annual debt service savings.
Kass Matt, a senior vice president and regional manager at Lancaster Pollard, led the refinancing.
Wesley Manor, a continuing-care retirement community in Frankfort, Ind., refunded existing debt with a regional bank. The financings included $15.6 million in tax-exempt bonds synthetically fixed with an interest rate swap and a $1.2 million variable-rate taxable loan. The blended interest rate is under 4 percent.
Steve Kennedy, a senior vice president and regional manager at the firm, was the lead banker on this transaction.
