Lancaster Pollard recently assisted First Atlantic Healthcare Corporation with bridge financing for Portland Center for Assisted Living, an assisted living, board and care, and memory care community located in Portland, Maine.
The community was built in 1964 and First Atlantic sought financing to refinance the existing debt and fund repairs and reserves to position the community well for the future. Lancaster Pollard facilitated a $15.3 million, equity-out bridge loan which was subsequently taken out by the FHA Sec. 232/223(f) program. The new permanent financing has a low, fixed interest rate, provides approximately $760,000 for repairs and funds a $260,000 deposit to the replacement reserves. Aaron Becker led the transaction for Lancaster Pollard.
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