COLUMBUS, Ohio (December 1, 2005) – An Indiana nursing and independent living community will expand its market and continue its progression toward becoming a fully integrated continuum of care community with the addition of a fifth wing on its nursing center.
The new wing’s 20 beds will increase Ripley Crossing’s nursing center capacity by 25 percent, allowing the 97-percent-occupied facility to meet demand in a strategic area near major cities in Ohio, Indiana and Kentucky.
Ripley Crossing worked with Lancaster Pollard to refinance $4.2 million associated with the construction of the nursing facility, Ripley Health Care Center, and fund the $1.3 million wing. The $5.57 million transaction was structured as a variable-rate debt offering enhanced by a letter of credit, allowing Ripley Crossing to access a low cost of capital over a 20-year amortization. This is the second time the for-profit senior living community and the mortgage and investment banking firm have worked together.
Ripley Crossing offers nursing and intermediate care in Ripley Health Care Center, three wings of which are dedicated to residents requiring dementia care. Its 11-acre campus also includes 32 independent living apartments at Hunter Court and Warn Place.
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