Did you see us in The Wall Street Journal? The Spires at Berry College was mentioned in an article on municipal bonds after closing on permanent financing on December 27th.
What does this mean? Because The Spires has received deposits for over 70% of the available units, we are now fully funded for the entirety of construction—keeping us on track to successfully open next year!
Risk Rises in Municipal Bonds
By Gunjan Banerji
“When The Spires at Berry College sought to borrow money to build retirement homes recently, the Georgia-based senior-living center sold municipal bonds.
Even though investors typically consider retirement homes riskier borrowers, and these bonds came without a credit rating, there was enough investor demand that the project landed interest rates below officials’ expectations.”