The Situation
Community Supports, Inc. (CSI), is a nonprofit institution that provides services to seniors and to developmentally disabled individuals.
Among their retirement communities is Lakeview Terrace in Altoona, Florida, which opened in 1980. After a renovation and expansion, this continuing care retirement community (CCRC) operates 163 independent-living villas, 107 apartments, 45 assisted living units and 20 skilled nursing facility beds, primarily under a Type B contract.
The Challenge
Lakeview Terrace had immediate plans to build new villas and a new apartment building and later hoped to construct an additional 20-bed skilled nursing facility, a clubhouse and a fitness center. The CCRC also eventually planned to build on excess land it owned on its campus.
Lakeview Terrace needed a source of capital that would provide enough funds to repay existing lenders, as well as to finance the construction of a multiphase, multiyear project. Further complicating the situation was the CCRC’s very limited access to cash on hand.
The Hamlin Solution
Hamlin facilitated the introduction of Lakeview Terrace to a financing source that saw the value of the project and wanted to work with the CCRC.
This provider supplied a “shelf registration” for $60 million, with approximately half used to refinance the existing debt, build cash and provide “just-in-time” drawdown financing for the construction of waterfront villas and 24 apartments. This financing also laid the groundwork for future projects that are important to Lakeview Terrace’s mission.
