EMMAUS and WERNERSVILLE, Pa. — HJ Sims has arranged $18 million in financing for Phoebe Ministries, a seniors housing provider in southeastern Pennsylvania.
The funds will be used toward acquisition, expansion and renovations at Chestnut Ridge at Rodale in Emmaus and Phoebe Berks in Wernersville. The financing package included $12 million for land acquisition, $4.5 million for capital improvements at Phoebe Berks and $1.5 million for funded interest and financing costs.
The debt was structured as interim financing, to be repaid with permanent financing within two years. Sims assisted Phoebe with a commercial bank financing solicitation, with Phoebe ultimately selecting Citizens Bank.