Public Finance Authority

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National Church Residences Provides Senior Housing with $21 Million in Financing

The Public Finance Authority (PFA) has provided $21 million of tax-exempt revenue bonds to fund the acquisition and construction of two separate housing projects that support seniors of all income levels in Bradenton and Lake Wales, Florida.

The Public Finance Authority (PFA) has provided $21 million of tax-exempt revenue bonds to fund the acquisition and construction of two separate housing projects that support seniors of all income levels in Bradenton and Lake Wales, Florida. The Water’s Edge of Lake Wales project closed on December 31, 2014 and Water’s Edge of Bradenton closed on January 29, 2015.

National Church Residences (“NCR”) is an Ohio organized 501(c)(3) nonprofit corporation that is committed to excellence that transforms the lives of the people it serves.  NCR is an innovative leader in integrating housing, health care and supportive services, serving seniors of all income levels, veterans and families.  With over 330 communities in 28 states and Puerto Rico, NCR is the nation's largest provider of affordable senior housing.

PFA partnered with Dinsmore & Shohl, Cross Point Capital and Hamlin Capital Advisors to provide the financing that will enable NCR to expand and upgrade two existing assisted living and memory care locations by an additional 90 units. Such additions include 60 assisted living units, 20 memory care units, 5 duplexes including 10 villa units, and rehabilitation of common and lobby areas.