COLUMBUS, Ohio (Aug. 25, 2005) – An Ohio assisted and independent living campus today financed the addition of a skilled nursing and dementia care center that will allow community residents to remain in a familiar environment as their needs change.

Marymount Health Care System’s Villa St. Joseph will expand nursing and dementia care services to assure residents in assisted and independent living units that Marymount can remain their community even if they come to need more medical support. The addition completes Marymount’s continuum of care and will enhance the marketing appeal of the Cleveland-area nonprofit. Construction and furnishing of Villa St. Joseph and renovations to existing space were funded with $19.6 million in tax-exempt bonds issued by Lancaster Pollard.

The property’s strong cash reserves, management and history of paying down debt allowed Lancaster Pollard to obtain a bank letter of credit to achieve a low interest rate.  Lancaster Pollard created a structure that not only financed these current needs, but takes into consideration the Catholic community’s future goals of renovating the convent and adding independent living cottages because the letter of credit has no pre-payment penalties and offers financial flexibility.

Marymount Health Care Systems is adjacent to Marymount Hospital. It includes a 104-bed assisted and independent living facility and a 28-bed skilled nursing facility. Villa St. Joseph will be attached to both buildings and serve all residents with its expanded common space, including a chapel, conference room and ice cream bar. The 102 new skilled nursing beds and 12 Alzheimers beds will provide a familiar and convenient place to continue serving residents whose need for care increases.

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