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Wesley Homes

Hamlin Capital Advisors (“HCA”) is pleased to announce the first two closings under a multi-facility “draw-down” bond financing program (the “Program”) for Wesley Homes (“WH or Wesley”), a non-profit senior living system located in metro Seattle, WA.   The first two tranches under the Program were used to (1) commence construction of a new $80 million start-up campus, and (2) begin a $150 million multi-phased repositioning of WH’s original community.

The Situation

Wesley Homes is a leading non-profit senior living provider in the Seattle market, with over a 70-year history of providing housing and services through two existing communities and home health services. Wesley is executing a long-term strategic plan that involves expanding to new local markets to take advantage of its premier reputation and to simultaneously revitalize its flagship original campus, all marketed toward middle-income seniors.

The Challenge

Historically, all Wesley communities had been financed using an obligated group approach. Wesley wanted a lender than would allow each financing to be done on a stand-alone basis to minimize risk, but flexible enough to allow projects to support each other should the need arise.  In addition, Wesley wanted to draw down funds during construction to avoid paying millions in unnecessary interest on funds it was not ready to deploy.

The Hamlin Solution

The Program designed by HCA allowed just that. Both projects were financed independently, will receive funding in stages, and perhaps most importantly, can proceed on parallel tracks.