Smith Crossing, a continuing care retirement community (CCRC) announced it has received $30 million loan from FirstMerit Bank and Associated Bank.
The financing will be used for construction on two new wings for 76 additional independent living residences and major renovations of the common areas. When it is completed in early fall of 2012, this $37 million expansion will increase the retirement community’s capacity by 60 percent, and make Smith Crossing the largest CCRC in south suburban Chicago.
“We are very pleased that, in this tight economy, FirstMerit and Associated Bank got behind our expansion. Their confidence in Smith Crossing’s solid performance since it first opened in November 2004 and the additional demand for this lifestyle fortified our board’s resolve to find the best way to finance our growth,” says Michael A. Flynn, CEO of Smith Senior Living, the nonprofit which sponsors Smith Crossing.
Raymond J. Marneris, CFO of Smith Senior Living, adds, “We’re especially glad to have such a strong partnership with FirstMerit and Associated Bank that will make Smith Crossing more viable over the long-term as a CCRC by allowing us to expand our campus.”
“We are committed to financing quality senior living facilities throughout Illinois,” says Timothy Fossa, senior vice president, healthcare, at FirstMerit. “Outstanding projects like this are essential to strong communities and Smith Crossing’s expansion will go a long way in ensuring Orland Park’s future as a great place for graceful living.”
John Weber, senior vice president of middle market banking for Associated Bank in Chicago, says, “We are committed to helping Chicagoland’s middle-market businesses grow and succeed. Smith Crossing has a history in the Orland Park community of providing exceptional continuing care retirement services, and we are proud to support its endeavors to expand its services in Chicagoland.
“The retirement community opened in November 2004 at a cost of $60 million. It is one of only 15 CCRCs in Illinois awarded a five-year term of accreditation for “exemplary conformance” to international standards set by CARF-CCAC, the industry’s sole accrediting body.