Cain Brothers served as the sole manager in the public issuance of $37.275 million of taxable, fixed-rate revenue bonds. Not-for-profit Los Angeles Jewish Home for the Aging, which programs all levels of senior care from short-term rehab to CCRCs to PACE and in-home care, was the recipient of the financing, which will advance refund the organization’s Series 2014A bonds. Those previous bonds were about two years from the call date, but they featured a higher interest rate, so a refinance in this low-rate environment made sense. The current bonds are insured by Cal-Mortgage.
This was actually the third refinance completed for the sponsor in the last eighteen months, giving them more funds and flexibility for needed community services and program expansions.
