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Lancaster Pollard Assists on Sale of CountrySide Lakes to Shepherd Health

Lancaster Pollard advised a private ownership group on the sale of its 146-unit seniors housing community in Port Orange, FL. CountrySide Lakes was sold for $30.5 million to Shepherd Health, a Miami-based real estate development company and senior housing operator.

Lancaster Pollard had been a long-term capital partner of CountrySide Lakes and used its extensive funding and advisory experience to assist the organization achieve its goals. Instrumental to realizing success was identifying the buyer, providing advice on transaction structure, demonstrating operational upside, facilitating due diligence, and evaluating actionable acquisition financing options.

Chad Elliott, managing director of the mergers and acquisitions group at Lancaster Pollard, as well as Gerald Swiacki, senior vice president and the firm’s Southeast regional manager, led the transaction on behalf of the seller. The acquisition was funded through a $24M million loan arranged by Natasha Ursuy, team lead of health care financing at Fifth Third Bank, along with short-term secondary financing.

Built in 1984 and located in a fast growing enclave of Daytona Beach, the facility offers 26 independent living along with 120 assisted living units so that residents can age in place. In 2015, CountrySide Lakes became one of only three assisted living facilities in Florida to have ever received a “Silver - Achievement in Quality” award from the American Health Care Association and the National Center for Assisted Living. The property, which is 100% private pay, currently has a waiting list and has averaged 97% occupancy since 2013.

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