Rockwood Retirement Communities Lands $81M Loan
- Oct 23, 2020
Spokane United Methodist Homes, a Washington nonprofit corporation operating as Rockwood Retirement Communities, has received $81.4 million in financing for the second phase of the Whitworth Redevelopment Project, a senior housing property in Spokane, Wash.
The funds were provided by specialty investment bank Ziegler, which secured Series 2020A and Series 2020B Bonds through the Washington State Housing Finance Commission.
The tax-exempt, fixed rate Series 2020A Bonds have a 35-year amortization period. The Series 2020B1&2 Bonds, issued as TEMPS-85SM and TEMPS-50SM Bonds, are expected to be redeemed at 85 percent and 50 percent occupancy of the Whitworth community.
Upon completion of the Whitworth Redevelopment Project, all existing buildings will be replaced, apart from the remaining 18 courtyard homes and four duplex units.
The first phase, financed with proceeds from the Series 2019 Bonds, will include the partial demolition of The Manor building and the construction of 48 assisted living and 24 memory support units. Phase II, financed with the current Bonds, will demolish the Manor building’s remains, the Healthcare Center, two duplexes and two Courtyard Homes, in order to make room for 117 independent living units, underground parking, common amenities and administrative space.
Rockwood currently owns and operates two continuing care retirement communities in Spokane: Rockwood South Hill and Rockwood at Whitworth, which combined house more than 600 senior residents.
In July, Ziegler secured another Series 2020 financing for a senior community in Virginia. The Warm Hearth Foundation received an $18 million loan for Warm Hearth Village, a nonprofit retirement community.