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ATLANTA — Lancaster Pollard has provided $5.2 million in financing to partially fund the $6 million purchase of Reliable Health & Rehab at Lakewood in Atlanta.
Reliable Health & Rehab is a 100-unit skilled nursing facility that was owned by a partnership agreeing to sell only if the operator could remain in place.
The buyer, a father-son team looking to grow their portfolio, acquired the property for $6 million using a $5.2 million loan insured by the FHA Sec. 232/223(f) program in conjunction with a seller’s note.
The financing also provides funds for renovations to update the facility. The loan carries a 35-year term and fixed interest.
John Hink led the transaction for Lancaster Pollard.