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LOUISVILLE, Ky. — Lancaster Pollard has provided $5.4M in HUD financing for Springhurst Pines, a continuing care retirement community (CCRC) in Louisville.
Baptist Homes Inc. (BHI) owns and operates the CCRC, which includes three separate facilities on a 20-acre campus. The financing will be used to convert 35 percent of the community’s semi-private Medicaid skilled nursing units to private Medicare units, as well as build a 40-unit Medicare wing with therapy space.
The nonrecourse loan made through HUD’s 232/241(a) supplemental loan program has a loan term of 25 years.
Chris Blanda led the transaction for Lancaster Pollard.