Senior Housing & Care Finance Activity: Cambridge, Ziegler, & More (3/29/2012)

Cambridge Realty Capital Closes $7.7 Million HUD Refinance for Ill. Senior Living Center

Cambridge Realty Capital Companies closed a $7.7 million HUD Lean loan to refinance an Illinois assisted living facility in Springfield, Ill. The 40-year, fully-amortized loan was for the Springfield Supportive Living Center’ and was arranged for the property’s owner through HUD’s Section 232/223(a)(7) funding program. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois.

Connecticut Senior Housing Organization Will Benefit From $500k in Tax Credits from Local Power Company

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Connecticut Light & Power Co. officials recently announced the utility company has purchased $7.75 million in 2011 tax credits to support housing programs across the state, including $499,999 that will benefit Old Saybrook Senior Housing Inc., reports the New Haven Register.

The credits were purchased through the Connecticut Housing Finance Authority’s Housing Tax Credit Contribution program, and will reduce the utility company’s own taxes.

“These are shareholder dollars that go directly to organizations that need the money to fulfill their housing missions,” said Jim Muntz, CL&P’s president and chief operating officer. “Tax credits have become a significant asset for the development of low-income and supportive housing across the state.”

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In addition to the senior housing organization, 26 other organizations will benefit from the tax credits.

New Jersey Housing Authority Receives Extra Funding, Could Benefit Senior Housing Development

New Jersey’s Somerville Housing Authority received an additional $98,723 in fiscal year 2012, reports the Somerville News, and these funds could help pay for property maintenance and improvements for low-income and elderly housing.

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The money can be allocated for various repairs, and a senior housing development on Jaques Street in Somerville could benefit from the funds, as it’s in need of some replacement windows which could help cut down on heating utility costs for residents.

Ziegler Closes $77.03 Million Fixed-Rate Issue for Arizona Senior Living Community

Specialty investment bank Ziegler recently announced the closing of a $77.03 million fixed-rate issue for Friendship Village of Tempe, a continuing care retirement community (CCRC) located in Tempe, Ariz. The community is owned by a 501(c)(3) not-for-profit corporation after being developed by Life Care Services, who continues to serve as the manager.

Friendship Village has 572 independent living units comprised of both garden homes and residential apartments, along with 67 assisted living beds and a health care center with 128 skilled nursing beds, 24 memory care rooms, and 14 hospice beds, making it the largest life care CCRC in its market.

The series 2012 Bonds are being issued to refinance the outstanding Series 1993B, 2002A, 2002B-1, 2002B-2, 2002C, 2004A, and 2004B Bonds; to fund a debt service reserve fund; and to fund various costs of issuance. The refunding of all the outstanding bonds and maturity extension are part of an overall plan to eliminate the risk and uncertainty related to variable rate debt, of which the majority of the refunded Series 2002C bonds had been.

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