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PHILADELPHIA — HJ Sims has arranged $6.5 million in financing for capital improvements at Philadelphia Protestant Home (PPH).
PPH operates a continuing care retirement community in northeast Philadelphia, featuring 266 independent living units, 175 personal-care units and a 126-bed skilled nursing facility.
PPH has been funding capital improvements from general fund revenues. Prior to engaging PPH’s existing banking partner, Citizens Bank, Sims worked with the PPH Fiscal Oversight Committee to develop structuring options.
Citizens provided the 10-year, fully amortizing loan with five years of interest-only payments.