Lancaster Pollard assists in $17 million refinance
The Village at Marymount, a nonprofit continuing care retirement community in Garfield Heights, Ohio, recently was assisted by Lancaster Pollard in securing a $17 million refinance through a Federal Housing Administration program.
The Village at Marymount is affiliated with the Sisters of St. Joseph of the Third Order of St. Francis and includes Marymount Place, a 104-unit assisted living facility; Villa St. Joseph, a 102-bed skilled nursing and 12-bed Alzheimer's care facility; and Clare Hall, a long-term care facility that includes a newly renovated 10-bed inpatient hospital unit.
The $17 million loan has a low interest rate, carries a 35-year term, is nonrecourse, has no financial covenants and provides for approximately $171,000 in annual debt service savings as well as nearly $75,000 for repairs and improvements. Kass Matt led the transaction for Lancaster Pollard.