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.
Lancaster Pollard
Register for our e-Newsletter
*
* Required
Home > News > Press Archive > 12-20-05 Refinance Saves

Refinance Saves Senior Living Provider more than $1 million
COLUMBUS, Ohio (December 20, 2005) – A senior care provider in western Pennsylvania continued to strengthen its financial stability this month with a $9.77 million refinance of higher-interest-rate bonds.

Lancaster Pollard structured the refinance, which reduces Grove Manor’s interest rate by 2.2 percentage points and saves the organization $1.17 million in present value interest expense over the life of the issue. Because of its detailed credit assessment of the nonprofit’s financial strength and operations history, Lancaster Pollard was able to secure a seven-year “AA-/A-1+” letter of credit that allows Grove Manor to achieve such a low interest rate. The transaction included a seven-year swap to lock in the rate and avoid potential future increases in interest rates.

Grove Manor is an outgrowth of the Churches of God and takes pride in the small details that matter to residents. It offers 159 nursing home beds and 70 assisted living units at its two Pennsylvania facilities, Grove Manor Nursing Home and The Caring Place, and provides physical, spiritual, social and emotional care.

###