Financing Connecticut’s First “Household Model” Senior Living Facility
In 2014, Pullman & Comley served as bond counsel to the City of Bridgeport in connection with a major conduit bond financing for The Jewish Home of Fairfield County, a local 501(c)(3) organization, which is relocating its senior living facility to Bridgeport.
The newly constructed complex on Park Avenue will be the first “household model” senior living facility in the state, with residents enjoying private bedrooms and bathrooms but sharing dining, living and patio spaces. When completed, the 372,000-square-foot building will contain 46 assisted-living units, 18 skilled nursing households with 14 private units, two short-term rehabilitation households, and indoor and courtyard therapy centers. The facility will also offer adult day programs, outpatient therapy, home care and hospice care and services for the surrounding community, including a fitness center, a four-lane indoor swimming pool, and a child care center.
In connection with the financing of the $90 million project and under the authority of the City and Town Development Act, Bridgeport issued two series of conduit bonds totaling $62 million in a direct placement to a consortium of local banks. Our attorneys participated in all facets of the bond transaction, including the approval of the bonds, due diligence and disclosures, tax qualification, including qualifying the bonds as draw-down bonds under current IRS regulations, structuring the security for the repayment of the bonds, and negotiations with The Jewish Home and People’s United Bank.