Thanks to a two-part bank financing arranged by HJ Sims, not-for-profit Presbyterian SeniorCare Network (PSCN) will open a new independent living community in North Strabane Township, Pennsylvania, adding to its significant presence in the western part of the state.
PSCN, which already provides senior care services to over 6,500 seniors through 53 senior living communities, affordable housing facilities and at-home programs/services, is partnering with Senior Housing Partners, a subsidiary of Presbyterian Homes & Services.
HJ Sims had worked with PSCN and its related entities before, including the 2017 construction financing for a memory care expansion and its Washington, PA campus, and the 2019 refinancing/financing of its New Wilmington, PA CCRC.
To fund the new 80-unit, four-story independent living community, Sims led a bank solicitation process before selecting First National Bank of Pennsylvania to provide $26 million of senior debt with a 28-year maturity. Then, based on the appraised value and loan-to-value requirements, supplemental financing was required and ultimately provided by Washington Financial Bank to the tune of $3.3 million in 10-year debt. A portion of both components of the debt, totaling $3.5 million, will be repaid with entrance fee revenue upon opening and resident move-ins. Opening is expected for the Fall of 2021.
