Lancaster Pollard recently refinanced properties in both Minnesota and Iowa through the FHA Sec. 232/223(F) mortgage-insurance program.
Both transactions were led by Quintin Harris, a vice president and healthcare banker with the firm who represents Minnesota, Iowa and Nebraska.
Grand Meadows, operated by Progressive Care LLC, is a 65-unit assisted-lived facility located in Glencoe, Minn. Lancaster Pollard underwrote a $4.7 million loan that will refinance the facility’s debt and generate annual debt-service savings of $247,000.
Lancaster Pollard also refinanced debt for Gardens at Cherokee, a 38-united assisted-living facility operated by VL Cherokee LLC in Cherokee, Iowa. The $3.3 million loan will refinance the outstanding debt, fund repairs and fund an initial deposit into the facility’s replacement reserve.
