Investment bank HJ Sims has announced the closing of a $61.6 million transaction for Rydal Park, in Abington Township, PA.
The Rydal Waters expansion project will be a new, adjacent branch of the Rydal Park Life Plan Community and include 84 two-bedroom cottages, a clubhouse, dog park and walking trails. The community is operated by Philadelphia Presbytery Homes, Inc., an extension of Philadelphia-based Presby’s Inspired Life.
After a decade of preparation, Sims closed the expansion deal with long-term, tax-exempt financing that increases PPHI’s maximum annual debt service by a little over $1 million, maintaining the company’s “BBB” rating from Fitch. During a three-year, interest-only period, PPHI expects to use $41 million from initial entrance fees to repay the outstanding balance and amortize the remainder over 30 years.
