HJ Sims Arranges $8.1M Financing for Memory Care Community Near Pittsburgh

WASHINGTON, Pa. — HJ Sims has arranged $8.1 million in financing to fund the construction of Woodside Place of Washington, a 36-bed memory care community in the Pittsburgh suburb of Washington.

The borrower is Presbyterian SeniorCare (PSC), a nonprofit, faith-based, multi-site network of living and care options. The new property will be located adjacent to the borrower’s Southminster seniors housing campus.

PSC anticipated financing the project ($9.9 million total cost) from a combination of sources, including a dedicated capital campaign ($2.5 million) and tax-exempt debt financing. Commercial bank financing was the primary option considered, given the construction-related use of proceeds, the availability of capital campaign funding and the smaller size of total capital needs.

Citizens Bank provided the bank financing.

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