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PORT TOWNSEND and BUCKLEY, Wash. — Lancaster Pollard has secured two HUD loans totaling $10.4 million to refinance San Juan Villa, a 32-bed memory care community in Port Townsend, and Heritage House, a 76-unit assisted living and memory care community in Buckley.
Both towns are suburbs of Seattle. Oregon-based operator Caring Places Management manages both communities.
Each loan is nonrecourse and features a 35-year term. The loans will provide annual debt service savings and will fund replacement reserves for ongoing repairs at each property.
Matt Lindsay led the transactions for Lancaster Pollard.