23 May
HutsonWood Closes BANs Financing on Belle Springs Expansion
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Greystone is pleased to share that HutsonWood achieved Bond Anticipation Notes (BANs) financing for its Belle Springs expansion project in Spring Hill, TN. The successful closing included $14,715,000 of Series 2024A Revenue Bond Anticipation Notes issued through the Public Finance Authority and underwritten by B.C. Ziegler and Company. The construction financing is targeted for early 2026.

HutsonWood originally engaged Greystone in October 2021 to prepare an expansion and redevelopment plan for its existing nursing home. After months of preparation, the HutsonWood Board of Directors elected to purchase additional adjacent land to support the creation of a full continuum life plan community.

HutsonWood is a not-for-profit corporation headquartered in Nashville, TN, offering senior living, long-term care for individuals with disabilities, and affordable housing solutions across Tennessee, Indiana, and Georgia. Belle Springs is the expansion of its existing nursing home, The Reserve at Spring Hill.

Belle Springs will consist of 220 total units on an approximately 35-acre campus, including 172 independent living units, in a mix of residences, duplexes, and cottages; 24 assisted living apartments; and 24 memory care apartments. Upon completion of the expansion project, Belle Springs will merge with the 68 existing skilled nursing beds at The Reserve at Spring Hill to provide a full continuum of care as a single life plan community.

Belle Springs plans to begin presales in Q3 of 2024.

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