Sole Manager on the Healthcare Facilities Revenue Bonds Series

Proceeds of the Bonds, along with a subordinate seller note contribution, were used by SLF Sidney, LLC (“Borrower”) to finance the acquisition of an existing senior living facility known as Landings of Sidney (“Facility”). The Facility currently consists of 42 assisted living units and 22 memory care units in a single building located at 1150 West Russell Road in Sidney, Ohio. Proceeds of the Bonds financed the development of an Enhanced Care Services (“ECS”) program to provide preventative and therapeutic support to Facility residents that are approved and paid for by Medicare. The Bonds also funded the renovation and conversion of certain therapy rooms to support the ECS program.

The sole member of the Borrower is Superior Living Foundation, Inc., a Maryland nonprofit corporation created to provide affordable inpatient and outpatient healthcare, and senior housing services. The Facility is subject to a Land Use Restriction Agreement under which 20% of available units must be occupied by tenants whose income is less than 50% of the Area Median Gross Income. As of March 2023 the Facility was 97% occupied.

The Bonds and seller note contribution also funded a debt service reserve fund, a liquidity reserve fund, working capital, approximately 8.5 months of capitalized interest, and costs of issuance. The Bonds have an average life of 22.8 years, a 2055 final maturity, and a 2028 mandatory purchase date.

Investment Banking

Jim Swan
Managing Director

Declan Collins
Director