Saturday, 25 May 2019

Lancaster Pollard Structures Financing Between Agemark and Protective Life Insurance Company – Business Wire

COLUMBUS, Ohio–()–Lancaster Pollard Mortgage Company, LLC announced today it has facilitated a refinancing between Protective Life Insurance Company and Agemark Corporation, which is based in Berkeley, California, and owns and operates assisted living (AL) and memory care (MC) facilities throughout the West and Midwest. Two of Agemark’s eight Nebraska properties—Countryhouse of Lincoln III, a 37-unit MC facility, and Countryhouse of Omaha, a 38-unit MC facility—were encumbered with traditional bank debt. The principals of Agemark aimed to refinance the two facilities with long-term, non-recourse debt.

“Having longstanding relationships with both Protective Life and Agemark, we were pleased to help the two establish a new lending relationship,” said Casey Moore, managing director of agency finance with Lancaster Pollard, a full-service financial institution for health care and senior living facilities. “This will help Agemark grow its seniors housing business.”

Based in Birmingham, Alabama, Protective Life Insurance Company, a wholly owned subsidiary of Protective Life Corporation, which in turn is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc., provides long-term first mortgage financing for various commercial real estate asset types. For this deal, the life insurance company execution was the ideal structure since it allowed Agemark to lock in the interest rate early in the underwriting process and extract equity from the facilities. Ultimately, Agemark secured a 10-year, fixed rate financing in a rising interest rate environment.

“This was the first transaction between Protective Life and Agemark,” Moore said. “The relationship established through this deal will give Agemark additional options in financing structures for its facilities moving forward.”

About Lancaster Pollard

Lancaster Pollard helps health care and senior living providers expand and improve their services by providing a full range of investment banking, mortgage banking, private equity, balance sheet financing and M&A advisory services. Lancaster Pollard & Co., LLC, a registered broker/dealer, underwrites taxable and tax-exempt bonds, and provides debt placement and syndication, as well as M&A advisory services. In 2017, Lancaster Pollard was acquired by ORIX Corporation USA, a division of leading international financial services group ORIX Corporation. For more information, visit


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