The Arizona Health Facilities Authority has approved a $42M financing application for La Loma Senior Living Services, Inc. (LLSLSI). LLSLSI owns La Loma Village, a continuing care retirement community currently consisting of 90 independent living units, 32 assisted living units and 64 skilled nursing/health center beds. The applicant proposes to use the funds to finance and refinance the acquisition, construction, improvement and equipping of the continuing care retirement community located in Litchfield Park.

 

Construction of the existing facility began in 2004 and opened for residents in May 2005. The applicant plans to begin construction on 39 additional independent living units in January 2007. The Bond proceeds will finance or refinance the existing units and beds and the proposed expansion.

 

The Bonds will be issued in one or more series of 30-year tax-exempt variable rate bonds. Payment of the bonds will initially be supported by an irrevocable direct-pay letter of credit issued by Sovereign Bank. The initial letter of credit will expire in September 2011, unless extended.

 

Institution Type:
Assisted Living Facility

Bond Issue Date:
9/1/2006

Amount Financed:
25 Million - 50 Million

Interest Rate:
Variable

Bond Denomination:
100,000

Request Official Statement

Back to Projects List