Episcopal Communities & Services, which is creating a continuing care retirement community, has received approval from Cal-Mortgage to participate in its Health Facility construction Loan Insurance Program, the company said.
This will allow for issue of bonds at a lower interest rate, and be backed by the “full faith and credit” of the State of California. To qualify for assistance through the Health Facility Construction Loan Program, health organizations must be owned an operated by private, non-profit public benefit corporations or political subdivisions.
“Achieving financial support from Cal-Mortgage further ensures the financial stability of MonteCedro for our future residents and employees, and allows the senior living community to fulfill its financial plan,” states Martha Tamburrano, president/CEO of Episcopal Communities & Services.
MonteCedro is being built by DPR Construction, and achieved approximately 80% of reserved residences. The CCRC has received building permits to move forward with construction, and expects to employ around 100 people once open.
