NATIONAL CHURCH RESIDENCES SELLS $52.405 MILLION IN BONDS, INVESTS $10 MILLION TO BEGIN NEW ERA AT FIRST COMMUNITY VILLAGE
Changes Include Additional Improvements, More Manor Homes
UPPER ARLINGTON, Ohio – National Church Residences has completed the sale of $52.405 million in bonds and invested another $10 million to allow First Community Village to move out of its reorganization and into a new era of financial stability, the construction of more manor homes and additional improvements.
National Church Residences took control of First Community Village, a continuing care retirement community in Upper Arlington, Ohio, as part of its 2010 reorganization. Issuing the bonds, plus the $10 million cash infusion, will allow National Church Residences to pay off First Community Village’s remaining bankruptcy debts two years early.
“National Church Residences is proud to be a part of the long heritage of First Community Village and bring it into an exciting new era. Now that we have stabilized its finances, we are excited to finish the renovations at its skilled nursing center and complete the manor homes,” said National Church Residences President and CEO Thomas W. Slemmer.
National Church Residences also will use $2 million from the bond sale to complete the renovations of the skilled nursing at First Community Village, including bathroom and shower upgrades and cosmetic renovations. Construction on an additional 12 manor homes also will begin.
Since National Church Residences took control of First Community Village, the first phase of the skilled nursing renovation was completed, with a philanthropic gift of $1.4 million allowing the development of a new central therapy room with state-of-the-art equipment. The renovation also included the development of neighborhood dining spaces, the addition of a private dining room and library/lounge for residents, the installation of an electronic medical records system, and remodeling of some of the village’s one- and two-bedroom units.
“More than ever, First Community Village is the area’s premier retirement community for seniors. We invite everyone to see what we have to offer,” Slemmer added.
With its national headquarters in Upper Arlington, National Church Residences provides the area with a full range of senior services for people of all incomes. In addition to First Community Village, this includes the recently renovated assisted living facility at National Church Residences Mill Run, a full range of Home & Community Services, National Church Residences Center for Senior Health adult day services and the STAY UA program in cooperation with the Upper Arlington Fire Department that helps seniors and the disabled find in-home services.
National Church Residences also plans to create an Upper Arlington Center for Senior Services at 2335 North Bank Drive that will bring primary geriatric care, home health care and adult day services together at one location. Nearly 17 percent of Upper Arlington residents are 65 or older, with that number expected to grow. The organization recently purchased 2245 North Bank Drive in an expansion of its headquarters campus.
Steve Rish, president of the National Church Residences’ 24-member nonprofit Board of Directors, said the board directed the decision to invest in Upper Arlington and First Community Village. “We are so pleased to see the results so far. We expect that First Community Village will be a hub for comprehensive senior services for Upper Arlington, Marble Cliff and Grandview. The plans to develop the North Bank Drive center also will support the effort to bring an outstanding scope of senior services to the community,” he added.
National Church Residences is paying off the reorganization debt two years early. The Franklin County Hospital Commission approved issuing the Health Care Facilities Revenue Refunding Bonds for the continuing care retirement community in January.
Chief Financial Officer Joe Kasberg noted, “We decided to sell the bonds now rather than two years from now because of the current operating performance and today’s low interest rate environment.” The original reorganization plan called for a lump $54 million payment in 2015 to banks to satisfy debts from construction of luxury apartments at First Community Village.
National Church Residences is committed to excellence that transforms the lives of the people it serves. The not-for-profit organization is an innovative leader in integrating housing, health care and supportive services, serving seniors of all income levels and families. With 330 communities in 28 states and Puerto Rico, National Church Residences operates five continuing care retirement communities and is the nation’s largest not-for-profit developer and manager of affordable senior housing. It also operates supportive housing for the formerly homeIess. The National Church Residences model of person-centered care includes adult day health, assisted living, senior housing, skilled nursing homes, rehabilitation center, outpatient therapy, home health care and hospice. For more information, visit www.nationalchurchresidences.org.