SunTrust Arranges $138M Credit Facility for Expansion, Renovations at MorseLife Community

by Jeff Shaw

WEST PALM BEACH, Fla. — SunTrust Banks Inc. has arranged a $138 million tax-exempt senior secured credit facility for MorseLife Health System.

The credit facility will fund the $77 million construction of The Tower at MorseLife, a 135-unit luxury independent living expansion to The Tradition of the Palm Beaches in West Palm Beach, as well as renovations to the existing community.

A nonprofit founded in 1983, MorseLife Health System offers a full continuum of care including independent living, assisted living, memory care, long-term nursing, short-term rehabilitation and home health care.

SunTrust Robinson Humphrey acted as sole lead arranger on the transaction, which includes a $66 million tax-exempt construction line of credit for The Tower at MorseLife and a $72 million tax-exempt term loan to refinance existing bonds outstanding at the time of closing.

Construction on The Tower at MorseLife is scheduled to begin before the end of the year and the project is expected to be completed in mid-2017.

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