The Columbus, Ohio, office of Lancaster Pollard recently helped a health-care system gain the funding it needed to expand its facilities.
Sprenger Health Care Systems, which has several properties in northeast Ohio, wanted to expand its skilled nursing and assisted-living facilities at the Towne Center Community Campus, a continuing care retirement community in the city of Avon Lake, Ohio.
Because Sprenger has an existing FHA loan, Lancaster Pollard recommended its Section 241(a) supplemental loan program for its low, fixed interest rate plus its nonrecourse and 40-year amortization features. The firm also assisted Sprenger in getting approval from the FHA for an early start to construction to beat the winter weather.
By the time construction was completed, the vast majority of the costs were funded for the $3.5 million mortgage, which resulted in the interest rate being much less than it would have been in a typical construction loan.
The completed expansion project provided 20 additional skilled nursing beds and 12 additional assisted living units. It also included a larger dining area.
Kass Matt, managing director and regional manager with Lancaster Polard in Columbus, Ohio, led the transaction.