ORIX USA and Lancaster Pollard Synergies Complement Brickmont Construction Financing Project
August 07 2018 - 10:00AM
Business Wire
Less than a year after ORIX Corporation USA (ORIX USA) acquired
Lancaster Pollard, the two companies displayed the synergies of the
acquisition with the closing of a $16.7 million construction
financing. The transaction leveraged Lancaster Pollard’s expertise
in seniors and health care housing and ORIX USA’s expertise in
municipal and infrastructure financing to support the construction
of Brickmont John’s Creek, a 120-unit assisted living (AL) and
memory care (MC) facility in John’s Creek, Georgia, that will be
owned and operated by Brickmont Assisted Living.
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Lancaster Pollard placed tax-exempt bonds with ORIX USA, its
parent company, to obtain construction financing for Brickmont
John’s Creek, in accordance with Section 142(d) of the Internal
Revenue Code.
“The collaboration between Lancaster Pollard and ORIX USA
results in a structure where ORIX USA provides benefits to
borrowers by removing many standard municipal market
inefficiencies,” said Conner Girdley, vice president with Lancaster
Pollard in Atlanta. “ORIX USA was able to offer a draw-down bond
structure that results in significant savings during construction.
Additionally, ORIX USA is flexible with respect to prepayment
options, allowing Brickmont the opportunity to refinance into a
permanent loan structure should it be deemed more
cost-effective.”
A business unit of ORIX USA, ORIX Municipal and Infrastructure
has an investment portfolio that includes transactions in a wide
range of industries, including health care, housing, education,
energy and transportation. Rob Wetzler, managing director, and Ben
Forrest, director, led the transaction for ORIX USA. “ORIX USA
agreed in advance to purchase all the bonds at a fixed interest
rate, eliminating execution risk,” Wetzler said. “Further, our
program mirrors a construction loan from a bank, providing an
attractive non-recourse outlet for highly qualified borrowers like
Brickmont to pursue plans for expansion.”
Founded in 2014, Brickmont Assisted Living has three other
facilities open or under construction and is led by David Vickers,
who previously had success founding and growing InTown Suites, an
extended-stay hotel chain. By serving as the developer, general
contractor, part-owner and manager of Brickmont, Vickers aims to
build and operate facilities at a reduced cost and pass those
savings along to seniors in the form of high-quality, affordable
housing and care.
In September 2017, ORIX USA - the U.S. and Latin America
business hub of leading international financial services firm ORIX
Corporation (ORIX) - acquired Lancaster Pollard. ORIX USA provides
comprehensive capital solutions for multifamily, affordable,
seniors and health care real estate through its own business lines
and those of its wholly-owned subsidiaries, including Boston
Financial Investment Management, Lancaster Pollard and RED Capital
Group.
ORIX Corporation USA (ORIX USA)
Since 1981, ORIX USA has provided innovative capital solutions
that clients need to propel their business to the next level. ORIX
USA and its subsidiaries—Boston Financial Investment Management,
Lancaster Pollard, Mariner Investment Group, RB Capital and RED
Capital Group—include a team of more than 900 employees spanning
more than 30 offices across the U.S. and Brazil. ORIX USA and its
family of companies have $57 billion of assets under management,
administration and servicing (including $8.6 billion held by the
company and its subsidiaries). Its parent company, ORIX
Corporation, is a publicly owned international financial services
company with operations in 38 countries and regions worldwide. ORIX
Corporation is listed on the Tokyo Stock Exchange (8591) and New
York Stock Exchange (IX). For more information on ORIX USA, visit
www.orix.com.
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. Lancaster Pollard Mortgage
Company, LLC originates, underwrites and services mortgage loans
insured or guaranteed by governmental agencies. Lancaster Pollard
Finance Co., LLC provides balance sheet financing. The Propero™
Seniors Housing Equity Funds provide equity financing for the new
development and acquisition of seniors housing and care properties.
Lancaster Pollard has provided over $20 billion in debt and equity
capital since its inception and its mortgage servicing portfolio
exceeds $8.6 billion. The firm’s home office is in Columbus, Ohio,
and it has regional banking offices in Atlanta; Austin, Tex.;
Chicago; Denver; Kansas City, Kan.; Minneapolis; Newport Beach,
Calif.; Philadelphia; and San Francisco. Lancaster Pollard is a
wholly-owned subsidiary of ORIX Corporation USA. For more
information, visit www.lancasterpollard.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180807005174/en/
Lancaster PollardTyler Howard,
614-224-8800thoward@lancasterpollard.comorORIX Corporation
USAAmanda Rider, 972-770-5083arider@marketwave.bizorJeff Smith,
214-237-2301Jeff.smith@orix.com
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