GREENTOWN, Ind. — Lancaster Pollard has provided a $6.7 million HUD refinancing for Century Villa Health Care, an 84-bed skilled nursing facility and 43-unit assisted living facility in Greentown, a rural town between Indianapolis and Fort Wayne.
Putnam County Hospital owns the community, which Exceptional Living Centers (ELC) manages. Putnam purchased Century Villa in January 2018 and refinanced $6 million in acquisition costs through Lancaster Pollard Finance Co.’s bridge-lending platform in March.
The FHA loan refinances the outstanding debt and funded replacement reserves and repairs, including a roof renovation. Ultimately, the loan will provide the project with a long-term source of capital.
Chris Blanda led the transaction for Lancaster Pollard.