This content was created and published by one of Lument’s legacy companies. Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group are now Lument.
Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital, recently closed on a $25 million FHA Sec. 232 construction loan for a to-be constructed 120-bed skilled nursing facility (SNF) called Transitional Care & Skilled Nursing of Oceanside. The facility will be located in Oceanside, California, approximately 40 miles north of San Diego, and will specialize in short-term rehabilitation stays. Despite COVID-19 related delays and challenges, the transaction team was able to collaborate effectively and push to a successful closing.
The non-recourse loan features a low, fixed interest rate and 40-year term. The facility is being developed by RangeComm Development in partnership with Providence Group, Inc. Brett Murphy led the transaction for Lancaster Pollard.