Park Pointe Village Refinances With $25.8 Million JEDA Bond Issue
November 28, 2012
Creates 18 new jobs and retains 80 existing jobs
ROCK HILL, SC – November 28, 2012 – Park Pointe Village has used $25.8 million in tax-exempt economic development revenue bonds issued through the South Carolina Jobs-Economic Development Authority (JEDA) to refinance debt it has incurred building, renovating and expanding its continuing care retirement community in Rock Hill.
A portion of the latest bond issue was used to refund and retire JEDA bonds issued in 2000 to help build what was originally named Carolina Village, including skilled nursing and assisted living facilities, independent living apartments and cottages.
The balance of the bond issue refinanced a construction loan that later was used by Park Pointe Village to add 62 more independent units, a wellness and fitness center with pool, as well as renovate kitchen and dining room facilities and pay costs.
“JEDA financing continues to help us serve our mission of providing excellence in senior living. Favorable financing terms available today are a key to this effort at our thriving Rock Hill facility, allowing us to do and serve more,” said Jim Petty, Executive Director of Park Pointe Village.
“The need for communities such as Park Pointe Village is only going to continue to grow. Helping this organization and others like it is a pleasure for our firm and a privilege for me,” said Bond Counsel Mitchell Johnson with Haynsworth Sinkler Boyd in Charleston.
“Today’s interest rate environment allows robust organizations like Park Pointe Village to finance more community- and life-serving facilities and services. We’re pleased to be able to have a role in this,” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.
Park Pointe Village is a faith-based, not-for-profit retirement community offering an array of residential styles, services and amenities designed to help seniors maintain health and independence. Park Pointe Village currently serves approximately 265 older adults and is among only a small percentage of continuing care retirement communities nationwide that are accredited for meeting the senior living industry’s highest standards in governance, financial viability, quality of life, and resident care.
About JEDA
For more than 29 years, JEDA has promoted the business and economic welfare of South Carolina by assisting in the financing of public and private projects throughout the Palmetto State. JEDA serves as a statewide conduit issuer of special obligation revenue bonds and acts on behalf of the borrower to access financial markets and capital. Since its creation in 1983, JEDA has facilitated the issuance of 436 bonds for over $7.8 billion and resulting in the creation and retention of more than 209,000 jobs.
For more information regarding JEDA, please visit our website at www.scjeda.com or contact Harry A. Huntley, CPA, Executive Director, at (803) 737-0268 or [email protected].
