HJ Sims closed a two-part refinance for Asbury Communities Inc.’s two seniors housing properties in Pennsylvania. The Erie location, Bethany Village, has two campuses with 400 independent living units, 100 assisted living units and a 69-bed skilled nursing center. The Mechanicsburg property, Springhill, features 158 independent living units, 35 personal care units and an 80-bed SNF. The loans refinance bonds from 2012 and include a $20.4 million bank loan and tax-exempt, fixed-rate bonds totaling $27.2 million. Altogether, that is $47.6 million of debt arranged for Asbury.
That follows a $23.34 million financing package that HJ Sims closed for a small CCRC in New Orleans, Louisiana. Featuring 10 IL units, 22 AL units, 11 memory care units, 64 private skilled nursing beds, the community will undergo a remodel as a result of the transaction. The SNF will be replaced with a small-house model, and 14 assisted living units will be added across two three-story buildings. Plus, when completed, the community will be the first certified Green House project in the state.
