The Bishop Gadsden Episcopal Retirement Community said that it closed on nearly $56.6 million in tax-exempt revenue bonds to finance the construction of new independent living units at its Charleston campus.
The South Carolina Jobs-Economic Development Authority bonds will help pay for the construction of 45 new flats in three standalone, apartment-style buildings at the continuing care retirement community that was founded in 1850 as the Episcopal Church Home and now occupies 100 acres on James Island
Around $13.4 million of the bond proceeds will be used to refund the balance of about $45.8 million original principal amount series 2002 JEDA bond issue.
The project is expected to create 600 temporary construction jobs while helping to retain 350 existing jobs and create 20 new jobs within two years of its completion at Bishop Gadsden.
In addition to independent living, Bishop Gadsdenalso provides assisted living, skilled nursing and memory care services.
“Adding more independent living to our continuum of care marks a strategic step forward in both responding to the market and enhancing our financial position. JEDA financing has again proved to be critical to our ability to do that,” stated Lynne Kerrison, chief financial officer (CFO) at Bishop Gadsden.
