LOUISVILLE, KY—Trilogy Health Services recently closed on a $63.4 million refinance of eight of its seniors housing properties in the Midwest.
Columbus, Ohio-based Lancaster Pollard arranged the loan for Trilogy on multiple senior health communities throughout Kentucky, Illinois, Indiana, Ohio and Michigan. The properties comprise a total of 568 skilled nursing beds and 340 assisted living units.
In structuring the refinance, Lancaster Pollard first obtained bridge financing for Trilogy to purchase the real estate associated with the eight leased properties. The result was eight non-recourse FHA Sec. 232/223(f) mortgages with matching term/amortizations of 35 years.
“As our first foray into FHA financing, Lancaster Pollard did a superb job navigating us through the process,” said Steven Van Camp, executive vice president of Trilogy, in a statement. “The successful closing allows us to match our objectives of lowering our cost of capital while satisfying our permanent financing needs for this portfolio over the next 35 years.”