Lancaster Pollard Structures Financing Between Agemark and Protective Life Insurance Company

Pollard Mortgage Company, LLC
announced today it has facilitated a
refinancing between Protective
Life Insurance Company
and Agemark
, 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
MA 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 MA 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