Operators of Bloomfield’s Seabury Home retirement community recently won state bonding approval for up to $80 million to finance the final two phases of its expansion.
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Operators of Bloomfield's Seabury Home retirement community recently won state bonding approval for up to $80 million to finance the final two phases of its expansion.
The Connecticut Health and Educational Facilities Authority (CHEFA) on Feb. 17 unanimously green-lighted issuance of three series of bonds as part of Seabury's financing structure, as long as certain bond-rating and pre-leasing requirements are met.
One will comprise permanent debt of approximately $52.6 million, with final maturity due in 2053. The others will be temporary bonds, one for about $9.25 million to mature in 2020; the other for about $13.75 million, maturing in 2021. Redemptions for the latter pair are tied to occupancy levels for the 23-year-old continuing-care housing complex.
Built in 1992 on 68 acres at 200 Seabury Drive, Seabury consists of 193 independent-living units, which include 34 independent-living cottages and five villas; 154 independent- and 49 assisted-living apartments; 58 memory-care units; and 60 skilled-nursing beds.
Proceeds from the latest bond issue will finance the addition of about 65 new independent-living units, the addition of skilled-nursing beds and assisted-living units, Seabury officials previously said.
Bond proceeds also will extinguish a pair of outstanding bank loans; terminate an existing interest-rate swap; fund a debt-service reserve; and pay costs of the bond issue, they said. Dixon Hughes Goodman LLP and Ziegler Capital Markets are bond advisers/managers for the Seabury offerings. Fairmount Capital Advisors is the authority's financial advisor.
Seabury already has financed the initial phase of its expansion. Last April, it raised $34.5 million from a tax-exempt bond issue partly to refinance existing debt.
The repositioning's first phase, Seabury said, included a major renovation/expansion to Seabury's main building to include a new front entrance and bigger lobby; renovated reception, lounge and security areas, administrative/marketing suite upgrades; new human-resources and accounting suites; kitchen renovation and expansion of the dining room; and more parking among other campus improvements. Dallas, Texas, retirement community-senior housing developer/operator Greenbrier Development LLC is Seabury's development consultant.
A subsidiary, Seabury Memory Care Centers Inc., owns and operates the memory-care units. But pending with its parent Church Home is a merger pact that would fold Seabury Memory into the parent, officials said.
Sea Tea Theater work
Construction is underway to convert downtown Hartford basement space directly below Koji Restaurant in the historic “Corning Building” into performance space for the Sea Tea Improv acting company.
The 3,800-square-foot, 80-seat Sea Tea Comedy Theater at 15 Asylum St. is set to open this summer, in time for Sea Tea's lineup of events and shows, according to Managing Director Julia Pistell.
According to Pistell, the theater will have Americans With Disabilities Act-compliant seating, a ticket window and refreshment area, new restrooms, a green room, audio/visual, acoustics and lighting upgrades, and all new mechanical, electrical and plumbing systems.
The S/L/A/M Collaborative, of Glastonbury, is architect. Heartwood Home Renovations is the space's construction/renovation manager.
Sea Tea Improv's headquarters are currently at 75 Pratt St., where it holds classes and has offices. Performances have been spread across the city without a true “home,'' officials said.
New York City landlord Yisroel Rabinowitz owns the half-block long Corning Building, which also houses relocated offices for the Hartford Parking Authority on the upper floor of 11 Asylum St.
Deal Watch wants to hear from you. E-mail it, along with contact information to: gseay@HartfordBusiness.com.
Gregory Seay is the Hartford Business Journal's News Editor.
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