Christian Living Communities (CLC), which operates three senior-living centers in Denver, announced last week that it successfully issued $30 million in bonds to help finance redevelopment of its Clermont Park community. Stifel, Nicolaus & Co. Inc. and Ziegler Capital Markets sold $30 million in Series 2009 bonds for CLC and individual investors reportedly purchased about $26 million of the bonds, with the remainder going to seven institutional investors. The redevelopment, which began last summer, is planned to updated 92 apartments and construct a combination of new 15 assisted-living and 17 memory-support apartments and a 64 unit skilled nursing facility. The project, designed by Lantz-Boggio Architects of Greenwood Village and constructed by Pinkard Construction Co. of Lakewood, is scheduled to be completed by the fall of 2010.
“Prior to the economic downturn, you would see the financing of as many as three or four continuing care retirement communities (CCRC) nationally each month,” Dennis Jones, managing director for Stifel, Nicolaus, said in a statement Friday. “This is the first non-rated, fixed-interest CCRC financing in the nation since September 2008.”