Cain in the News: Senior Housing Finance Activity….Cain Brothers Provides $36 Million in Bonds to CCRC in California
January 18, 2017
Cain Brothers Provides $36 Million in Bonds to CCRC in California
Cain Brothers recently structured $36 million in tax-exempt bonds for Pilgrim’s Place, a not-for-profit CCRC in Claremont, California.
The CCRC, which is currently planning a $9 million renovation, has 182 independent living units, 56 assisted living units and 62 skilled nursing beds.
Cain Brothers structured the bonds with a 4.25% coupon priced at a discount, and an all-in total interest expense of 4.46% and net present value savings on the advanced refunding portion of over $1.5 million, or 6.4% of refunded par.