Pilgrim Place Finances Continuing Care Retirement Community Project with Tax-Exempt Bonds
The CMFA issued 36,055,000 in tax-exempt bonds for the Pilgrim Place in Claremont. The proceeds of the bonds will be used for (i) the financing and refinancing of various interior and exterior renovations and improvements, landscaping and grounds improvements, and renovation and facility upgrades related to technology, telecommunication, energy conservation and building systems (the “New Money Project”); (ii) the advance refunding of its $25,730,000 Insured Senior Living Revenue Bonds (Pilgrim Place in Claremont) Series 2009A, which were issued for the purpose of financing and refinancing certain costs associated with the acquisition, construction, improvement, equipping and furnishing of the residential and assisted living facilities (the “Refunding Project” and, together with the New Money Project, the “Project”); (iii) the payment of certain expenses incurred in connection with the issuance of the Bonds, which costs include the costs of credit enhancement; and (iv) the funding of a debt service reserve fund for the Bonds.