New Hope Cultural, Texas, plans $235.23 million senior living bonds

By Sheri Kasprzak

New York, April 19 – The New Hope Cultural Education Facilities Finance Corp. of Texas is set to price $235.23 million of series 2016 senior living revenue bonds for the Cardinal Bay, Inc. – Village on the Park/Carriage Inn project, according to a preliminary official statement.

The deal includes $88,375,000 of series 2016A-1 bonds; $16,345,000 of series 2016A-2 bonds; $94.39 million of series 2016B bonds; $22,535,000 of series 2016C bonds; and $13,585,000 of series 2016D bonds.

The bonds will be sold on a negotiated basis with Piper Jaffray & Co. as the underwriter.

The maturities have not been set.

Proceeds will be used to finance a loan to Cardinal Bay to purchase buildings, facilities and other real property from the senior living facility.

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