Lancaster Pollard Announces $400 Million Refinance for California Skilled Nursing Operator
COLUMBUS, Ohio--(BUSINESS WIRE)--Jul 30, 2018--Lancaster Pollard recently announced the closing of a $400 million refinance of a credit facility for a skilled nursing operator based in California. Lancaster Pollard, led by Grant Goodman, Jason Dopoulos, Joe Munhall and Elliot Kaple, served as the syndication agent on the transaction. Credit Suisse served as the lender.
The transaction refinances the debt for a 27-property skilled nursing portfolio with facilities spread throughout the state of California. The successful closing refinanced the entirety of the client’s previous corporate term loan credit facility and serves as a bridge funding in preparation for a forthcoming U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA)-insured mortgage takeout financing.
“The bridge affords the borrower a more cost-effective, flexible framework to better position the company as it continues on the path towards an ultimate HUD/FHA refinancing,” said Grant Goodman, vice president with Lancaster Pollard.
Lancaster Pollard and Credit Suisse worked together to design the interim credit facility that is commensurate with the underwriting criteria for HUD/FHA financing. With the bridge loan closed, Lancaster Pollard will immediately submit the HUD/FHA application, which will put in place a permanent debt structure with a low interest rate and long term.
Lancaster Pollard consists of four companies providing integrated investment banking, mortgage banking, private equity, balance sheet lending and M&A services. Lancaster Pollard is owned by ORIX Corporation USA, a division of leading international financial services group ORIX Corporation.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180730005506/en/
CONTACT: Lancaster Pollard
Tyler Howard, 614-224-8800
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA OHIO
INDUSTRY KEYWORD: SENIORS HEALTH PROFESSIONAL SERVICES BANKING FINANCE OTHER PROFESSIONAL SERVICES CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE CONSUMER NURSING
SOURCE: Lancaster Pollard
Copyright Business Wire 2018.
PUB: 07/30/2018 11:12 AM/DISC: 07/30/2018 11:12 AM