WELLESLEY HILLS, Mass. — Truist Financial Corp. has provided a $136 million loan to National Senior Campuses, a continuing care retirement community (CCRC) operator based in Wellesley Hills.
The financing will be used toward five of the borrower’s communities, totaling 7,731 units in Warminster, Pennsylvania; Peabody, Massachusetts; Pompton Plains, New Jersey; Springfield, Virginia; and Tinton Falls, New Jersey.
Greenspring, one of the borrower’s CCRCs in Northern Virginia, is the first affiliate that will benefit from the new debt proceeds. In total, the funding will provide $115 million toward multi-year, multi-phased repositioning projects that will allow the communities to facilitate their respective long-range plans. The projects will continue for several years.
The loan is part of a total $517 million financing which, overall, enabled the borrower to refinance existing debt and create a favorable debt structure consisting of long-term financing.