Lancaster Pollard has announced the closing of two separate Fannie Mae Senior Housing financings in November. The first transaction was a $51.2 million loan that refinanced construction debt for The Plaza at Waikiki, a premier senior living community that has been named Hawaii’s best senior living community the past three years by The Honolulu Star Advertiser. Built in 2015, The Plaza is owned by MW Group, which focuses on acquiring, investing, developing, renovating, leasing and managing commercial real estate throughout the Hawaii islands.
“The Fannie Mae financing provided a timely and effective long-term financing solution, as the loan closed in less than 30 days from loan application and puts in place a permanent debt structure with an interest only feature,” said Stephen Metter, CEO at MW Group.
Jason Dopoulos, Doug Harper and Casey Moore led this transaction for Lancaster Pollard.
In the second transaction, Lancaster Pollard assisted Frontier Management with a $5.85 million refinance loan of a 52-unit dedicated memory care community in Green Valley, Ariz.
“The successful Fannie Mae transaction proved to be an ideal financing solution, as it refinanced maturing debt with a long term 15-year loan that lowered our cost of capital,” noted Greg Roderick, President and CEO of Frontier Management. “We also really appreciate Fannie Mae’s partnership with us over the years.”
Doug Harper and Casey Moore led the effort for Lancaster Pollard on the second closing.
Get updates on the latest news in the senior living community.