RIVERSIDE, Calif. — Lancaster Pollard has arranged a $6.5 million refinancing for Magnolia Grand, a 95-unit independent living community in Riverside, located in the Inland Empire region of California.
The borrower is BPM Senior Living Co., which owns and operates a portfolio of seniors housing communities in the Western United States.
The Fannie Mae loan is non-recourse a restructures a permanent loan that was nearing maturity. In addition to refinancing existing debt, the loan will provide capital for upgrades and improvements to the property.
Matt Lindsay led the transaction for Lancaster Pollard.