BISMARCK, N.D. — Dallas-based Preston Hollow Community Capital (PHCC) has arranged a $78 million, tax-exempt bond transaction for a skilled nursing facility in Bismarck.
The borrower is Missouri Slope Lutheran Care Center, which built the property on its existing campus. The bonds were issued through Burleigh County. Colliers Securities underwrote the bonds.
The bonds will provide permanent financing for the 192-bed facility. Missouri Slope undertook the project nearly eight years ago following a strategic planning session that identified the need for more private rooms, better parking and additional community services in the area. Construction on the new facility began in October 2019 and was completed over a 15-month period.
“This project began as a dream for our organization several years ago to meet the current and future needs of our community,” says Reier Thompson, president and CEO of Missouri Slope. “Healthcare has changed and we need to change with it.”