Orix Corp.'s U.S. subsidiary has acquired Lancaster Pollard, a Columbus, Ohio-based company known for producing a high volume of originations through a government-run senior-housing finance program.

Terms of the transaction were not disclosed.

"The acquisition of Lancaster Pollard is a natural extension of Orix's successful strategy of acquiring leaders in affordable, seniors and healthcare housing finance," said Hideto Nishitani, Orix USA’s chairman, president and CEO, in a press release.

Like Orix subsidiaries Red Capital Group and Boston Financial Investment Management, Lancaster Pollard will continue to operate as a separate company. No changes to personnel facilities or operations will be made.

Hideto Nishitani, Orix USA's chairman, president and CEO
Hideto Nishitani, Orix USA's chairman, president and CEO

Lancaster Pollard will focus on senior living and health care clients, Red Capital will focus on the affordable and market-rate multifamily sectors, and Boston Financial will provide tax credit equity and related development capital to all three housing sectors. Both Lancaster Pollard and Red Capital participate in the Department of Housing and Urban Development's Lean senior housing finance program.

Andrew Garvey, senior managing director and head of Orix Commercial Mortgage Servicing, will oversee Lancaster Pollard as well as the two other businesses.

Financial advisers for Orix on the transaction included Beekman Advisors Inc. and Houlihan Lokey Inc. Orix's legal adviser was Weil, Gotshal & Manges LLP.

Lancaster Pollard's financial adviser for the deal was Credit Suisse Securities (USA) LLC and its legal adviser was Kramer Levin Naftalis & Frankel LLP.

The Dallas-based U.S. subsidiary of Japanese-owned Orix acquired Boston Financial Investment Management last year. In 2016, Orix also purchased the remaining equity in Red Capital it didn't already hold.