Financing Will Support Acquisition of 280 Senior Living Units in Ohio, Pennsylvania, and Minnesota
MADISON, Wis. – The Public Finance Authority (PFA) has issued $98.42 million in senior living revenue bonds for Citadel Housing, Inc., a Georgia nonprofit corporation, to finance the acquisition of five existing senior assisted living facilities located in Ohio, Pennsylvania, and Minnesota.
Bond proceeds will finance the acquisition of the following senior assisted living communities:
- Salida Woods, a 68-unit facility in Mentor, Lake County, Ohio
- Southwest Commons, a 68-unit facility in Strongsville, Cuyahoga County, Ohio
- Richland Woods, a 60-unit facility in Richland Township, Cambria County, Penn.
- SouthWoods, a 60-unit facility in Titusville, Crawford County, Penn.
- Mahtomedi, a 24-unit facility in Mahtomedi, Washington County, Minn..
The financing will expand access to senior living for residents and families in Mentor and Strongsville, Ohio, Richland Township and Titusville, Penn., and Mahtomedi, Minn., helping to preserve care options for seniors across all three states. Proceeds will also fund required reserves, interest on the bonds, and costs of issuance.
“Seniors and their families deserve access to quality assisted living close to home, no matter which state they call home. This financing allows Citadel to acquire and continue operating five communities that are already serving that need, and that kind of multistate impact is exactly what PFA was built to support,” said Bill Kacvinsky, PFA Board Chair.