MCHENRY, Ill. — Lancaster Pollard has arranged an $11.2 million HUD refinancing for Heritage Woods of McHenry, a 100-unit supportive living facility in McHenry, located between Chicago and Milwaukee.
Supportive living is an Illinois program that allows government funding of assisted living services that are usually private-pay.
The owners sought to reduce interest rates on the original tax-exempt bonds used for construction of the two-story community in 2007. The new FHA-insured mortgage provides a non-recourse loan with a fixed rate and 35-year amortization that “nearly cut the debt cost of capital in half,” according to Lancaster Pollard.
Brett Murphy led the transaction for Lancaster Pollard.