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Home > ... Federal Financing Updates > 7/12/06 Colorado Refinance
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Congregate senior community refinance provides $600,000 for repairs
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DENVER (July 12, 2006) – Two Colorado properties that provide a neighborhood community for low-income seniors will renovate facilities and reduce their interest rate with an $8.4 million refinance provided by Lancaster Pollard.
Eaton Terraces Residences and Eaton Terrace II in Lakewood, a congregate living community and assisted living community, offer modern apartments, activity programs and meals to their residents. The nonprofit properties, which provide 162 independent living units and 66 assisted living units, will renovate apartments, add two more units, relocate office space, and replace mechanical systems with funds provided as part of the refinancing.
Refinancing Eaton Terraces Residences and Eaton Terrace II replaced two high-interest bond issues with a single issue featuring a considerably lower interest rate. The transaction provides $600,000 for immediate improvements, sets aside money for three years’ worth of capital expenses, and provides debt service savings.
“Everybody remarked on how this fairly complex financing achieved both debt service savings, added to our capital reserves, and positioned the organization for future growth,” said Rev. Dean Painter, Eaton president. “This will sustain our mission to provide supportive housing with services for elders with limited means in the face of cut-backs in the level of state and federal support in the years ahead.”
Lancaster Pollard structured the tax-exempt financing with a total interest cost of less than 5.5 percent, providing considerable long-term savings that will be put toward enhancing services.
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