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Experienced attorneys. Peck Shaffer’s lawyers have been involved in financing continuing care retirement communities (“CCRCs”) since such facilities first began being developed and financed with tax-exempt debt. We have been involved in the evolution of financing structures and techniques used in financing CCRCs.
We understand the financing structures. Typically CCRC financings involve multiple series of bonds, including credit enhanced short-term variable rate debt that is repaid from entrance fees and long-term unenhanced fixed rate debt that is repaid from project cash flows. We understand the competing interests of credit enhancers and long-term bondholders regarding security in the project and project revenues. CCRC financings often use a master trust indenture structure and Peck Shaffer lawyers are experienced in master indenture financings.
We understand the CCRC business. Peck, Shaffer lawyers understand the business aspects of CCRCs. We have lawyers experienced in the tax aspects of the 501(c)(3) organizations that own CCRCs that are financed with tax-exempt bonds.
We help guide the transaction. When we serve as bond counsel in CCRC financings, we help guide the transaction to its conclusion, which often involves helping coordinate the activities of the borrower, borrower’s counsel, a third party developer, feasibility consultants, credit enhancers and their counsel, the underwriter, and underwriter’s counsel. We understand the needs of the various parties to the transaction to conclude the financing as quickly as practical.
We have a national perspective. We have been involved as bond counsel or underwriter’s counsel in CCRC financings in a number of different states. We served as bond counsel for a new CCRC on Saint Simons Island, Georgia, sponsored by a local Episcopal church, on land that was donated by the Sea Island Company. We served as bond counsel in a series of financings for a CCRC in Sumter, South Carolina that was sponsored by several local churches and a synagogue. We served as underwriter’s counsel in a financing for a new CCRC located on the campus of the University of Alabama that was sponsored by the University’s Office of Alumni Affairs.