COLUMBUS, Ohio (Aug. 19, 2005) – A family-owned continuing care retirement community in Indiana today obtained $3 million to build new senior living apartments on its campus.

The popular complex wanted to add more apartments to its community, which includes assisted and independent living homes and nursing services. Underwriter Lancaster Pollard coordinated an increase in a bank-issued letter of credit enhancement that allows the organization to borrow, at a low interest rate, enough funds to pay for the apartment project.

Visitors to the dynamic, activity-filled community had created a waiting list for the cottages and apartments. One-third of the future apartments already have been reserved. “It’s taken off beyond our wildest dreams,” the owner said. “We were full and had lots of requests within the community.”

The financing renews a 2003 letter of credit and increases the “AA-/A-1+”-rated debt by $3 million. The transaction is part of a strategy developed by Lancaster Pollard and the organization’s parent company to access funding at a low cost.

“This transaction nicely complements our overall capital funding strategy for all of this owner’s facilities, which focuses on taking advantage of today’s low interest rates through funding structures individually tailored to the unique needs of each senior living campus,” said Steve Kennedy, assistant vice president of Lancaster Pollard.

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