Jennings receives funding
Lancaster Pollard recently helped Jennings, a nonprofit organization sponsored by the Sisters of the Holy Spirit in Garfield Heights, OH, obtain $28.3 million to refinance existing debt and fund a new construction project.
Jennings has 174 private suits of skilled nursing, 54 suites of assisted living, and 10 independent living villas, as well as adult day services. Its Garfield Heights campus debt needed to be refinanced, and Lancaster assisted in the form of Series 2009 bonds with a HUD/FHA loan, taking advantage of the program's low interest rate, long term and amortization and non recourse feature.
Additionally, with a new development anticipated, the FHA refinance will put the permanent debt in the name of a new real estate holding company.
The second stage will fund the new construction project through the use of privately placed, tax-exempt bonds.
Lancaster Pollard first refinanced Jennings's Series 2009 bonds using a $12.6 million loan via the FHA Sec. 232/223(f) program. Nine months after the FHA Sec. 232/223(f) loan closed, Lancaster Pollard assisted Jennings with the placement of $15.7 million in Series 2015 tax-exempt bonds with a national bank to fund the new Jennings at Brecksville development.