LCS closed on a $38 million refinance loan from Bank of America and Bankers Trust for its StoneRidge community based in Stonington, Conn.
A joint venture between Westminster Funds and LCS, the location comprises 40 acres with 270 residences, 12 assisted living suites, and 40 skilled nursing beds. StoneRidge is one of 12 Continuing Care Retirement Communities (CCRC) and Assisted Living Communities in which LCS has an equity interest.
“For the last two years, there has been a contraction of credit in the senior housing market, and in financing CCRCs in particular. The securing of this credit is a testament to StoneRidge and to LCS being a sound strategic partner and a credit of choice,” said David Laffey, Vice President and Director of Property Finance at LCS. “This refinancing is unique in that the terms are quite favorable to the community and, ultimately, to ownership. The term of the financing is for a longer period than what has typically been available in the marketplace in recent years.
The loan to value for the loan was conservative at less than 50% said LCS in a statement.
“The favorable terms were obtainable due to the well-established reputation of our property management company Life Care Services™ and the excellent development of the property by LCS Development™. We are good stewards of assets when it comes to decisions that affect our residents,” said Laffey. “Our residents benefit from financially sound properties that are well-managed and positioned to provide the care and service our residents desire.”