DALLAS--(BUSINESS WIRE)--Preston Hollow Capital, an independent specialty finance company, announced today that it has completed a $29.2 million senior bond financing with the Louisiana Public Facilities Authority to fund a loan to Covington Senior Care Services. Proceeds of the loan will fund the construction of a new 127-unit assisted living and memory care community in Kenner, Louisiana, a suburb of New Orleans. The project, to be known as Inspired Living at Kenner, will be a three-story facility comprising approximately 105,000 square feet. Project amenities are scheduled to include a swimming pool, spa and bathing rooms, mini golf area, gazebo, tiki hut, fire pit, reflection ponds and walking paths. Construction is underway and is scheduled to be completed in March 2017. Validus Senior Living will manage the property.
“Inspired Living at Kenner will be the premier senior housing community in its market, and we’re proud to be the main source of financing for the project. This distinctive community is one of several being constructed by the Inspired Living Group in collaboration with the National Football League Alumni Association to provide assisted living and memory care services for former NFL players and other persons in need,” said Ramiro Albarran, managing director of Preston Hollow Capital. Launched in January 2014 by former leaders of ORIX USA Corporation, Preston Hollow Capital is an independent specialty finance company that serves as a solution provider in municipal finance. “Preston Hollow has significant expertise in senior living projects, and we expect continued growth in this sector as the U.S. population continues to age. We can be very creative to meet borrower financing needs and plan to be involved as a long-term capital partner to senior living developers.”
About Preston Hollow Capital
Preston Hollow Capital is an independent specialty finance company launched in January 2014 by Jim Thompson, the former longtime President and Chief Executive Officer of ORIX USA Corporation. PHC is a solution provider in municipal finance, and seeks to produce superior risk-adjusted returns across a broad spectrum of investment strategies. PHC differentiates itself with its ability to deliver capital with speed, certainty and flexibility.