HJ Sims Arranges $15M in Financing for CCRC Expansion in Atlanta

ATLANTA — HJ Sims has arranged $15 million in revolving pre-development financing for an expansion project at Lenbrook, a continuing care retirement community (CCRC) in Atlanta.

Lenbrook opened in 1980 and previously expanded in 2006, adding 53 independent living units, a parking garage, community space and a traffic light. A bond restructuring in 2016 provided funding for Lenbrook to purchase some neighboring property for this new expansion.

Pre-development costs funded by this new financing include land acquisition, marketing related to pre-selling the new independent living apartments, and design/development activities. 

The loan is structured as a taxable revolving commercial loan, provided by SunTrust Bank and its Aging Services/Senior Living Industry Practice Group. It was structured with a three-year revolving line of credit that will amortize over a seven-year period.

Lenbrook expects to pay back the loan using entrance fees to new units.