
Florida CCRC operator receives a $160 million refinance
When the largest operator of CCRCs in the state of Florida wanted to refinance in order to take advantage of the low interest rate environment, HJ Sims was happy to oblige. Presbyterian Retirement Communities, Inc., or Westminster Communities of Florida, with 2,025 independent living, 468 assisted living and 751 skilled nursing units in its portfolio, is not only the largest CCRC operator in the Sunshine State (with nine), but is also the 10th largest not-for-profit operator of senior living units in the country. Founded in 1954, the organization targets the middle income market, with entrance fees ranging from $44,100 to $357,000, and averaging at $120,600. Westminster already worked with... Read More »
Cain Brothers and Pilgrim’s Place
Pilgrim’s Place, a not-for-profit CCRC in Claremont, California was originally established over 100 years ago, and now is planning a $9 million renovation with the help of a $36 million tax-exempt bond issuance from Cain Brothers. The community has grown over the years to feature 182 independent living units, 56 assisted living units and 62 skilled nursing beds on a 32-acre neighborhood campus. Cain Brothers structured the bonds with a 4.25% coupon priced at a discount, and an all-in total interest cost of 4.46% and net present value savings on the advanced refunding portion of more than $1.5 million, or 6.4% of refunded par. Read More »
New bonds for North Carolina CCRCs
A not-for-profit owner of three CCRCs, totaling almost 1,000 units in North Carolina, recently refinanced all of its Series 2005 fixed rate bonds with the help of Ziegler. The United Methodist Retirement Homes (UMRH) has partnered with Life Care Services since 2000 to operate its three campuses, which include 622 independent living units, 108 assisted living units and 202 skilled nursing beds. To refinance the outstanding bonds, Ziegler closed a $34.485 million tax-exempt, fixed-rate bond issue, with an aggregate yield-to-maturity of 3.47%. That produces net present value savings of $8.91 million (or 22.47% of the principal amount of the refunded bonds). Davenport & Company served as a... Read More »