BRYN MAWR, Pa. — Lancaster Pollard has closed an $8.4 million loan to refinance debt on Bryn Mawr Terrace, a seniors housing community in the Philadelphia suburb of Bryn Mawr.
Main Line Senior Care operates the community. The nonprofit owner of the property was looking for long-term, non-recourse financing with a fixed rate. The new FHA loan allows the owner to pay off its entire outstanding bank note balance and fund over $700,000 to the facility’s replacement reserve account.
Ken Gould of Lancaster Pollard led the transaction.