TD Bank Provides $75.8MM in Financing to MorseLife
Published October 9, 2012
Categories: Industry News
TD Bank said its Healthcare Banking Group has provided $75.8 million in financing to West Palm Beach-based MorseLife, parent company to the Joseph L. Morse Geriatric Center and The Tradition of the Palm Beaches, to support new construction, renovation and expansion of existing facilities, and to retire debt. The financing took the form of the issuance of tax-exempt bonds through the Palm Beach Health Facilities Authority.
MorseLife and its various affiliated companies were originally founded in 1983 and operate as 501(c)(3) not-for-profit corporations, offering services including independent and assisted living, rehabilitative care, nursing and home and community-based services to Palm Beach County seniors.
Construction of a new, state-of-the art, 120-bed rehabilitative care nursing complex will be funded by $30 million of the financing’s proceeds, combined with company resources. Additional projects include the renovation of the company’s existing Resnick Pavilion, which houses 160 nursing beds, and the renovation and expansion of the company’s existing Edwards Pavilion, which when completed will operate 30 beds of skilled nursing care as well as 54 assisted living units serving seniors with Alzheimer’s or related memory impairments.
The remaining $45.8 million was used to retire the company’s outstanding Series 2003 tax-exempt bonds, previously issued through Palm Beach County, Florida. TD Bank purchased all of the bonds.
Colleen Mullaney, head of TD Bank’s Healthcare Banking Group, South, commented, “The financing provided to MorseLife reinforces TD Bank’s commitment to the not-for-profit and healthcare sectors. As MorseLife expands, we’re eager to serve as their financial partner and update their senior care facilities in Palm Beach County.”
“This represents an investment in our future due to the burgeoning growth of the senior population in Palm Beach County,” said Keith Myers, president and CEO of MorseLife. “We would like to thank TD Bank and the Palm Beach Health Facilities Authority for providing the funding that that makes possible our vision of senior care in Palm Beach County in the coming years.”