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DAVIDSVILLE, Pa. — HJ Sims, a Connecticut-based investment bank has arranged a $20.2 million debt modification for Allegheny Christian Ministries. The transaction will refinance debt on Laurel View Village, a nonprofit continuing care retirement community in Davidsville, approximately 75 miles east of Pittsburgh.
The financing is structured as a refinancing of both a standard loan from 2008 and bonds from 1998. In addition to reducing interest rates, the new financing will fund capital projects on the property.
First Commonwealth Bank and Somerset Trust provided the capital.