Biz Briefs: Holladay Park Plaza, Sr. Management Advisors, Congress Construction

Holladay Park Plaza Celebrates December 2010 Bond Closing

Pacific Retirement Services, Inc. (PRS) is pleased to announce that Holladay Park Plaza—a PRS-affiliated Continuing Care Retirement Community in Portland, Oregon—was issued Variable Rate Demand Revenue Refunding Bonds, Series 2010A (Holladay Park Plaza Project), totaling $14,460,000, on December 23, 2010.

The Series 2010A Bonds were issued as Bank Qualified Bonds under a provision in the American Recovery and Reinvestment Act of 2009 – the Stimulus Package, which expired on December 31, 2010. The Bonds were purchased from and will be held by Union Bank of Portland, Oregon, for seven years. The purpose of the Bonds is to refund the outstanding Series 2003 Bonds and pay certain costs of issuance of the Bonds.

    • The Bonds were issued by the Hospital Facilities Authority of Multnomah County, Oregon.
    • Cain Brothers was the financial advisor.
    • The initial bondholder was Union Bank.

“We’re pleased about this transaction,” says John Larson, Executive Director of Holladay Park Plaza. “It provides Holladay Park Plaza and its residents a favorable cost of capital, and allows the Plaza to establish and build a relationship with Union Bank through its Portland, Oregon, branch.”

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Senior Management Advisors and Pecan Tree Holdings Acquire High Springs Senior Living Community

Senior Management Advisors (SMA), an operator of full service senior living communities in Florida and Georgia, and Pecan Tree Holdings LLC, a group of private investors, are the new owners of Plantation Oaks Senior Living Residence, a senior living community formerly known as High Springs Care Center and located in High Springs, Fla., serving the greater Gainesville area.  SMA will complete a $60,000 renovation of the community’s 31 studio apartments in approximately two months. The renovation will include conversion of the community’s Jack and Jill style shared bathrooms into private bathrooms.

“SMA, with financial support from Pecan Tree Holdings, will rejuvenate Plantation Oaks Senior Living Residence to provide a comfortable home for seniors in the greater Gainesville area. Our facility will offer quality care, exceptional services and top of the line amenities in an intimate, homelike environment,” says Steven Piazza, president of SMA. “Although the community has been closed for several years, the property is in good condition and only minor refurbishment will be required.”

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Congress Construction Co. Starts Ambitious Milwaukee Project

The Congress Companies recently commencement of the construction and renovation project for the $18 million Bel Air Health Center, a state-of-the-art long-term care and rehabilitation center located in Milwaukee, WI. Under a Turnkey-Leaseback solution provided by The Congress Companies, the Bel Air renovations will include the phased renovation and construction of a fully furnished and equipped, 102,000-square foot rehabilitation and nursing building, which will be leased and operated by the Nursing Home Operator, Elite Senior Living of NY.

The plans for Bel Air have 185 beds, a brand-new, 50-bed dedicated rehabilitation wing designed using the latest scientific and medical principles, a new, fully-equipped, 3,500-square foot rehabilitation and gym facility, all private, single-bedded rooms in the rehab wing, and all new furnishings and equipment throughout.  Financing for the project was done through HUD lender Rockport Mortgage Corp. which obtained a HUD Substantial Renovations Construction Loans through the Lean program.

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