WEST LAFAYETTE, Ind. — HJ Sims has arranged $60.5 million in bond financing for Westminster Village, a continuing care retirement community (CCRC) in West Lafayette, approximately midway between Chicago and Indianapolis.
Founded in 1976, the community features 346 beds targeting middle-class seniors. The ownership partners with Purdue University.
Westminster Village sought to take advantage of low interest rates to refinancing its outstanding 2014 bond issue.
Sims found a banking partner with terms that would offer flexibility and savings for the borrower. The financing generated enough savings to for the community to reconsider a renovation project. The $15 million project repurposed some of the community’s existing independent living units into assisted living and memory care units that were in high demand on campus.