ROCKVILLE, Md. (PRWEB) November 30, 2018
The Village at Rockville—A National Lutheran Community has received bond financing on the Glenmere project. The bonds were issued by Montgomery County, Md. in a face amount of $87.5 million. The bonds will fund construction costs related to The Village at Rockville and utilize a draw down feature that will limit negative arbitrage as related to the current economic environment. This financing, through partnerships with Hamlin Capital Management, LLC and Cross Point Capital, LLC, will feature four series of tax-exempt bonds providing a blend of variable and fixed-rate debt for the project.
National Lutheran Communities & Services’ (NLCS) President & CEO Larry Bradshaw stated, “The issuance of these bonds will launch construction on a new phase of resident opportunities at The Village at Rockville and will complement our continuing commitment to excellence in a variety of services to our residents and guests.”
In celebration, The Village at Rockville held a groundbreaking ceremony and reception on Monday, November 12, 2018. Over 200 guests, including Rockville City Council members Mark Pierzchala and Virginia D. Onley attended the event.
“The Glenmere project represents a major commitment to our community and the larger Rockville community, enabling us to continue to serve and deliver on our mission and ministry. Building on our heritage and nearly 130 years of service, we will maintain a vibrant and innovative experience for all those we serve,” stated The Village at Rockville’s Executive Director Kyle Hreben.
Seventy-five percent of the apartment homes have been pre-sold prior to groundbreaking. Construction is expected to be completed in late 2020.
About The Village at Rockville
The Village at Rockville—A National Lutheran Community in Rockville, Md., is a CCRC (Continuing Care Retirement Community) that offers independent living, myPotential short-term and outpatient rehabilitation, respite, long-term nursing care, hospice, assisted living and memory support. To learn more about the campus expansion featuring independent living apartments, visit http://www.glenmereapartments.org
About National Lutheran Communities & Services (NLCS)
With 128-years’ experience, NLCS honors, inspires and supports choice and opportunity in service to seniors. Based in Rockville, Md., NLCS is a faith-based, not-for-profit ministry of the Evangelical Lutheran Church in America’s (ELCA) Delaware-Maryland, Metropolitan Washington, D.C. and Virginia Synods, serving people of all beliefs.
Entities sponsored by National Lutheran include myPotential at Home in Winchester Va., and Rockville, Md., The Village at Rockville in Rockville, Md., The Legacy at North Augusta in Staunton, Va., The Village at Orchard Ridge in Winchester, Va., Impact1890, and The Village at Providence Point in Annapolis, Md., subject to Maryland Department of Aging approval. For more information, visit http://www.nationallutheran.org