WEST CHESTER, Penn. — HJ Sims has arranged $20.5 million for Barclay Friends, a nonprofit continuing care retirement community (CCRC) in West Chester, a borough 25 miles west of Philadelphia.
The Kendal Corp. is the community’s affiliate. In 2017 a fire destroyed the Woolman Building, which housed residential, dining, common areas, administrative space and the memory care programming. While the skilled nursing areas reopened following renovations in 2018, Kendal and Barclay are still finalizing plans to replace the Woolman Building.
Barclay’s property and casualty insurance coverage was expected to fund a portion of the replacement facility along with an equity contribution; the remainder was to be provided via external debt financing. Sims arranged the financing package, which will both fund the rebuilding and refinance existing debt.
M&T provided the capital. Construction is scheduled to begin this year.