NEW ORLEANS — HJ Sims has arranged $23.3 million in financing for Poydras Home, a continuing care retirement community (CCRC) in New Orleans.
Opened in 1857, Poydras now consists of 10 independent living units, 22 assisted living units, 11 memory care units and 64 private nursing care beds. The community will replace all 64 nursing units with a small-house model and add 14 new assisted living units across two three-story buildings.
Poydras will be the first certified Green House project in Louisiana, featuring an model of care where the resident’s needs are at the center of all decisions. The Green Homes will be housed in two new three-story buildings on the campus. Building 1 will feature three nursing care households with 12 residents, and Building 2 will comprise two nursing care households with 14 residents and one assisted living/memory care household with 14 residents.
The financing package consists of a $16.5 million taxable draw-down construction loan and a $6.8 million taxable refunding loan. Hancock Whitney served as the commercial lending partner for both loans. The construction loan features a 25-year principal amortization and 10-year term with a 24-month capitalized interest period and a forward-starting swap drawdown structure. The refunding loan was issued with a 25-year term with a rate premium to break the existing swap.