HJ Sims Completes $29M Debt Modification for CCRC in Ohio

HUDSON, Ohio — HJ Sims has arranged a $29 million debt modification for Laurel Lake, a nonprofit continuing care retirement community (CCRC) in Hudson, located between Cleveland and Akron.

New owners took over the community in 2013, assuming both senior bank debt and tax-exempt bonds in the process, totaling $32 million. The new modification is a refinancing of that combined debt.

Citizens Bank, the existing lender, agreed to two interest rate swaps and keep the duration of the loans the same.

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