HJ Sims Arranges $47.6M Financing for Two Asbury Communities CCRCs in Pennsylvania

by Jeff Shaw

ERIE and MECHANICSBURG, Pa. — HJ Sims hass arranged $47.6 million in financing for Asbury Communities Inc.

The loans support two life plan communities — Bethany Village Retirement Center in Mechanicsburg and Springhill in Erie. Bethany includes two campuses with 400 independent living units, 100 assisted living units, a 69-bed skilled nursing center and amenities. Springhill has 158 independent living and 35 personal care units, plus an 80-bed skilled nursing facility.

The loans refinance bonds from 2012 and include a $20.4 million bank loan and tax-exempt, fixed-rate bonds totaling $27.2 million. The bank loan utilized the Cinderella Bond structure, with initial issuance on a taxable basis until eligible for conversion to a tax-exempt rate in October 2021.

The financing is projected to generate more than $400,000 of annual debt service savings through 2041.

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