Lancaster Pollard helps health care, senior living, affordable housing and private education organizations expand and improve their services by providing financial advice and financing solutions. Lancaster Pollard’s services enable hospitals, assisted living facilities, nursing homes, rural housing properties and private schools to develop the financial plans and secure the funding necessary to continue to serve their communities and lets them focus on what’s truly important –their residents, their patients, and their students.
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Home > News > Press Archive > 05-06-05 central ohio sl

Lancaster Pollard obtains $26.7 million for expansion, renovation of two central Ohio senior living facilities

COLUMBUS, Ohio (May 6, 2005) –  Lancaster Pollard announces the $26.7 million financing for the expansion and renovation of Wesley Glen and Wesley Ridge, two central Ohio senior living campuses owned and operated by Methodist ElderCare Services.

The $26.7 million financing consisted of a $16.7 million tax-exempt bond issue and a $10 million construction loan. Lancaster Pollard secured a letter of credit from an "AA-/A-1+"-rated bank to provide enhancement on the variable-rate bonds.

The majority of the proceeds will fund the construction of Parkside, an 86-unit independent living complex on the Wesley Ridge campus. Additional funds will be used to add six residential units and a second-story dining room to the independent living facility at Wesley Glen. Remaining proceeds will fund interest, bond issuance costs and other delivery date expenses.

Methodist ElderCare Services was founded in 1965 and is affiliated with the West Ohio Conference of the United Methodist Church. ElderCare offers a continuum of long-term care services to residents of central Ohio through its two senior living campuses, Wesley Glen and Wesley Ridge, and adult day care service. ElderCare is ranked among the largest 125 not-for-profit multi-site senior living member organizations of the American Association of Homes and Services for the Aging (AAHSA), the 7,100 member national association of not-for-profit providers of housing and health care services for the elderly.

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