CHASKA, MN – Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital (OREC), recently announced the completion of a $ 25 million refinancing for Chaska Heights Senior Living, an assisted living of 138 units (AL) and memory maintenance (MC). Parish in Chaska, Minnesota.
Chaska Heights is managed by Tealwood Senior Living, a regular Lancaster Pollard customer and longtime FHA borrower who manages over 38 qualified nursing and AL communities in Minnesota and Wisconsin. Quintin Harris, who recently expanded his leadership role at Lancaster Pollard to lead the Midwest team, led the transaction.
"We have significantly improved our valued customer's tax prospects by refinancing home loans at variable rate and fixed rate debt without recourse under 3%," said Harris, a director with over 15 years experience in agency financing. "The benefits of FHA funding are great in such situations and Chaska Heights is now well positioned to continue to grow and thrive."
The 35-year financing also finances renovation work and the replacement reserve account, both of which support the long-term success of the facility.
Chaska Heights was originally developed in 2015 with a funding structure that included Tax Increment Financing (TIF) from the Chaska Economic Development Authority. The facility consists of two buildings connected by a breeze path on the ground floor and corridors on the upper level and having 66 AL lighting units in one section and 58 AL units in connection with 14 MC units in another section. The AL lighting units are fully licensed and the tenants share the public areas and dining rooms with residents with better visual acuity.
Source: Lancaster Pollard