Lancaster Pollard Mortgage Company recently assisted Summit Healthcare REIT in refinancing $3.9 million through the FHA Sec. 232/223(f) program for Sundial Assisted Living, a 45-unit community in Redding, CA. Jason Dopoulos led the transaction for the firm.
Summit owns multiple skilled nursing and assisted living communities throughout the country, partnering with third party operators. The organization was looking for long-term financing that would secure a low, fixed rate for Sundial. The loan put in place a long-term financing structure, retiring both facility debt and the promissory note related to the purchase. The transaction will improve Sundial’s overall cash flow and allow for continued improvements at the community.
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