TELFORD, Pa. — HJ Sims has completed a $32.1 million refinancing Lutheran Community at Telford (LCT), a continuing care retirement community in Telford, approximately 35 miles north of Philadelphia.
The financing enables LCT to reduce interest rates and debt service, extend the duration of the bank credit commitment on its financing, and raise capital to provide $2 million of initial funding for a planned expansion project.
Of $35.4 million of total debt, LCT had approximately $19.3 million of outstanding fixed-rate and variable-rate bonds from 2007. With interest rates near historic lows, Sims analyzed refunding this debt along with the potential benefits of refinancing or modifying LCT’s other outstanding bank debt. LCT opted to pursue bank financing for the transaction.