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 (OREC), recently assisted Oriol Health Care with a $16.2 million refinance via the FHA Sec. 232/223(f) program. The successful FHA closing allows Oriol Health Care, a family owned and operated business, to secure long-term permanent financing, consolidate their debt with one lender, eliminate interest rate risk associated with a swap, fund borrower elected repairs, and obtain reimbursement for capital expenditures.
The closing refinances permanent debt for Holden Rehabilitation and Skilled Nursing Center, a 123-bed skilled nursing facility (SNF) providing long-term skilled care and short-term rehab services. Holden Rehab recently expanded its services, adding Wachusett Respiratory Care Unit, Oriol Home Health Care and Oriol Therapy Services. Holden was originally built in 1965 by the Oriol family, who continue to own and operate the facility, along with another SNF in Massachusetts.
Lancaster Pollard locked the HUD rate in the mid 2%-range, securing substantial annual debt service savings for Oriol Health Care. Aaron Becker and Adam Walter led the transaction for Lancaster Pollard.
