NORTH STRABANE TOWNSHIP, Pa. — HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh.
Presbyterian Senior Care (PSC) is developing the four-story community, which will target middle-income residents. Companies involved in the project include Senior Housing Partners, a subsidiary of Presbyterian Homes & Services.
For this financing, Sims identified commercial bank financing as the preferred option for the majority or the financing. The main lender is First National Bank of Pennsylvania, with Washington Financial Bank providing supplemental financing.
The financing comprises $26 million of senior debt financing from First National with a 28- year maturity combined with $3.3 million of supplemental financing from Washington Financial with a 10-year maturity.