Town and Country Manor of the Christian Missionary Alliance Finances Town & Country Manor with a $34,385,000 Issuance From the CMFA
Town and Country Manor will use the proceeds of the Bonds, together with other available funds, to (i) finance a portion of the acquisition, construction, improvement and equipping of a new two-story 48 unit, 88 bed memory care facility and related parking garage of the Community, including capitalized interest on the Bonds through October 1, 2020; (ii) redeem all of the Authority’s Refunding Revenue Bonds (Town and Country Manor), Series 2013 (the “Prior Bonds”), issued to refinance the acquisition, construction, improvement and equipping of certain retirement, nursing and assisted living facilities of the Community; (iii) fund a bond reserve account for the benefit of the Bonds; (iv) pay an insurance premium and related fees to the Office of Statewide Health Planning and Development of the State of California; and (v) pay costs of issuance of the Bonds.
The Project entails a new two-story, 50,564 square foot building that will include 48 units (8 private rooms and 40 semi-private rooms) and 88 beds. The building will be separated into four neighborhoods with therapeutic kitchens, quiet rooms, spas, activity rooms, and large dining and entertainment centers. The facility will also include a food preparation kitchen, housekeeping, storage space and personal laundries. Outdoor spaces will consist of a “walled-in” memory garden on the first floor and a sun deck/ terrace on the second floor. The Project will also include the construction of a 24,728 square foot one-story basement parking garage, with 51 car parking spaces and storage, commercial laundry and utility rooms. Upon completion of the Project, the Community will consist of 361 units/beds.