TOLEDO, Ohio — Cain Brothers has arranged $40.6 million in direct bank purchase bonds for Lutheran Homes Society, a nonprofit seniors housing operator based in Toledo.
The financing consists of $39.3 million of tax-exempt bonds and $1.4 million of taxable bonds. Cain brothers also arranged an interest rate swap for the nonprofit, locking previously floating-rate loans into a fixed rate.
The proceeds of the bonds will be used to refinance series 2010 bonds, as well as fund renovation and small acquisition projects.
Founded in 1860, Lutheran Homes Society operates four “elderly care communities” and 12 market-rate assisted living and independent living communities in northwest Ohio and southeast Michigan.
Cain Brothers is a New York City-based investment banking firm focused on healthcare real estate.