DALLAS--(BUSINESS WIRE)--Dallas-based Preston Hollow Community Capital (PHCC), a provider of specialized impact financing solutions for projects of social and economic importance to local communities, announces the successful completion of a $78 million tax-exempt bond transaction through Burleigh County, North Dakota to fund the construction of a new skilled nursing facility for Missouri Slope Lutheran Care Center, Inc. (Missouri Slope) in Bismarck at its Washington Street campus.
“This project was years in the making and Colliers Securities was thrilled to partner with PHCC to create a tailored financial solution in order to make Missouri Slope’s vision become a reality,” said Kurt Apfelbacher, Senior Vice President of Colliers Securities, the underwriter. “The modern facility will serve a new generation of Missouri Slope residents for years to come.”
The Bonds will provide permanent financing for a new 192-bed nursing facility at 4916 N Washington Street in Bismarck. Missouri Slope undertook the project nearly eight years ago following a Strategic Planning Session that identified the need for more private rooms, better parking, and additional community services in the area. Construction on the new facility broke ground in October 2019 and was completed over a 15 month period.
“PHCC is pleased to partner with Missouri Slope to provide permanent financing for the new facility on Washington Street,” said PHCC President and CEO Jim Thompson. “This state-of-the-art facility will allow Missouri Slope to continue as a leader in the community by providing exceptional care to its residents. We are proud to support Missouri Slope’s mission and the local community in Bismarck.”
Prior to this project, Missouri Slope operated a 250 licensed bed nursing home facility located at 2425 Hillview Avenue and a 64-unit assisted living facility located at 2500 Valleyview Avenue in Bismarck, North Dakota. Missouri Slope has operated as a non-profit organization since 1962 and opened its first facility in 1967. Missouri Slope provides long-term care, memory care, assisted living, adult day care and therapy services to the residents of Bismarck and the surrounding communities.
“This project began as a dream for our organization several years ago to meet the current and future needs of our community,” said Reier Thompson, President and CEO of Missouri Slope. “Healthcare has changed and we need to change with it. This project is a testament to the design we feel is necessary to be successful going forward. Safety and quality will increase through efficient design and staffing. Thank you to Preston Hollow and all our partners involved with bringing this dream to fruition.”
About Preston Hollow Community Capital
Preston Hollow Community Capital provides specialized impact financing solutions for projects of significant social and economic importance to local communities in the United States. As a team, we bring a decades-long track record of helping communities achieve their financial, sustainability and community impact goals. We do so through a unique partnership model, rigorous and disciplined credit underwriting and creative investment structuring built around delivering certainty and flexibility to our borrowers.