Truist closed its first CCRC deal in the state of Colorado, acting as sole lender of a $50 million refinance of a property in Boulder, near Denver. Set in a residential part of Boulder, the not-for-profit CCRC was founded by the Rocky Mountain Conference of the United Methodist Church on 20 acres of land. It opened in 1960 with 100 apartments and has grown to care for more than 350 seniors. A 98-unit independent living expansion was also completed in 2019, along with several capital improvement projects, all totaling about $90 million.
Truist arranged a $50 million refinance for the community, which will provide significant cash flow savings, liquidity and flexibility to ownership. Approximately $11 million of the transaction is a Cinderella refinancing, where a prior issuance can be refunded and automatically convert from taxable to non-taxable debt in the future. Ziegler and Ascension Capital Enterprises also advised on the transaction.
