Market Overview

Lancaster Pollard Announces $400 Million Refinance for California Skilled Nursing Operator


Lancaster Pollard recently announced the closing of a $400 million
refinance of a credit facility for a skilled nursing operator based in
California. Lancaster Pollard, led by Grant Goodman, Jason Dopoulos, Joe
Munhall and Elliot Kaple, served as the syndication agent on the
transaction. Credit Suisse served as the lender.

The transaction refinances the debt for a 27-property skilled nursing
portfolio with facilities spread throughout the state of California. The
successful closing refinanced the entirety of the client's previous
corporate term loan credit facility and serves as a bridge funding in
preparation for a forthcoming U.S. Department of Housing and Urban
Development (HUD)/Federal Housing Administration (FHA)-insured mortgage
takeout financing.

"The bridge affords the borrower a more cost-effective, flexible
framework to better position the company as it continues on the path
towards an ultimate HUD/FHA refinancing," said Grant Goodman, vice
president with Lancaster Pollard.

Lancaster Pollard and Credit Suisse worked together to design the
interim credit facility that is commensurate with the underwriting
criteria for HUD/FHA financing. With the bridge loan closed, Lancaster
Pollard will immediately submit the HUD/FHA application, which will put
in place a permanent debt structure with a low interest rate and long

Lancaster Pollard consists of four companies providing integrated
investment banking, mortgage banking, private equity, balance sheet
lending and M&A services. Lancaster Pollard is owned by ORIX Corporation
USA, a division of leading international financial services group ORIX

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