COLUMBUS, Ohio (Feb. 23, 2006) – Oak Grove Christian Retirement Community today obtained $4.8 million through Lancaster Pollard to refinance existing debt and add safety and comfort features to its senior living campus.
The nonprofit continuing care retirement community will use $75,000 in new working capital and $225,000 for capital expenditures to fund interior design, new furnishings, a whirlpool, a wheelchair lift and a nurse call system. It also refinanced $3.8 million in outstanding bonds and repaid $300,000 in high-interest bank loans. Lancaster Pollard structured the tax-exempt, variable-rate offering to allow the community to fund its projects via a low cost of capital, ensuring Oak Grove will remain financially strong for the long term. The investment banking firm’s communication of Oak Grove’s financial strengths helped acquire an “AA-/A-1+” letter of credit to enhance the bond issue. This is the third time Lancaster Pollard and Oak Grove have worked together.
Oak Grove Christian Retirement Village is located in Demotte, Indiana, and provides 41 skilled nursing beds and 44 assisted living units. It serves residents with Alzheimer’s disease and also offers hospice care, outpatient therapies and respite care.
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