BELLEFONTE, Pa. — Lument has arranged a $35.6 million U.S. Department of Agriculture (USDA) Community Facilities (CF) loan to fund the construction of Centre Care Rehabilitation and Wellness Services, a 240-bed skilled nursing facility in Bellefonte, near State College.
The new facility will replace an existing 240-bed facility that was deemed unsuitable for substantial renovations due to its age and location.
Miles Kingston, director at Lument, worked with Complete Healthcare Resources Eastern (CHRE) to develop and execute the financing strategy. CHRE is an experienced management company that has managed and operated Centre Care since 2013, and currently operates 20 facilities in Pennsylvania and Maryland with nearly 4,000 beds across all acuity levels.
The first step in the process was to arrange construction financing through a $35.6 million bridge loan from First National Bank. Once construction was complete, Lument facilitated the closing of the $35.6 million USDA CF direct loan to pay off the construction financing and install a permanent debt structure with a fixed interest rate and 36-year term.
The new Centre Care community features separate specialty neighborhoods with accommodations for 30 residents in memory support, 30 residents in a high-acuity wing, 60 residents in short-term rehabilitation and private suites, and 120 residents in traditional long-term care. Future plans include the addition of an assisted living and memory care community, as well as adding low-income housing to the campus.