West Chester, PA-based Barclay Friends, an affiliate of the Kendal Corp., has secured $20.5 million from Fairfield, CT-based private investment bank HJ Sims to replace a building destroyed in a 2017 five-alarm fire in which four residents died.
The fire at the continuing care retirement community destroyed the Woolman building, which included assisted living residences, dining/common areas, administrative space and the Tapestry Program for memory care residents. After the fire, Barclay and Kendal began plans to replace Woolman with a new building named Preston.
Barclay Friends’ property and casualty insurance coverage was expected to fund a portion of the replacement facility along with an equity contribution; the remainder was to be provided via external debt financing. Sims was employed to assess financing options and implement the selected source to provide full project financing. Barclay ultimately opted to pursue direct bank financing with M&T as its primary financing option and reserved bond financing as an alternative.
“The project was financed on time with a very favorable rate structure,” Barclay Friends Executive Director Linda M. Sterthous said.
The new building is expected to open in spring 2020, according to Barclay Friends.
