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National Church Residences

The Situation

National Church Residences operates more than 350 communities across the United States. Approximately 90% of those communities provide affordable housing for seniors, and the balance consists of market-rate communities with independent living and health care offerings for seniors. National Church has a strategic plan that calls for continued growth through development and acquisition.

National Church Residences

The Challenge

National Church Residences sought to establish a bridge-financing vehicle that would allow the organization to pursue their growth objectives and react quickly to market opportunities. As part of its growth strategy, the organization also wanted to access tax-exempt financing at a national level.

In keeping with its philosophy of maximizing its operational efficiencies, National Church Residences wanted to access low-interest-rate capital with a flexible repayment structure.

The Hamlin Solution

Working with Hamlin Capital Advisors, National Church Residences obtained a tax-exempt, variable-rate, draw-down bond issue, with the first of two projects funded under a commitment for newly acquired communities located in Florida. The variable-rate bond was issued without the need for insurance or credit enhancement by a bank or a liquidity facility, providing National Church Residences with its desired low-interest-rate capital with flexible repayment terms.