PITTSFIELD, Mass. — Lancaster Pollard has arranged an $11.9 million HUD refinancing for Berkshire Place, a 54-unit skilled nursing facility in the Western Massachusetts city of Pittsfield.
The borrower is Berkshire Retirement Home Inc., a nonprofit owner-operator.
Berkshire Place was constructed as a replacement facility for Berkshire Retirement Home’s original property in 2014, using conventional bank financing with a floating interest rate. Three years after opening, ownership sought to refinance that existing bank debt using fixed-rate HUD financing.
Aaron Becker led the transaction for Lancaster Pollard.