By Zaeem Shoaib
Build NYC Resource Corp. plans to sell $634.2 million of bonds that will help fund an independent living facility for a continuing care retirement community in New York.
The issuance consists of $310.2 million of Series 2026 A Bonds, $65 million of Series 2026 B-1 Mandatory Paydown Revenue Securities and $87 million of Series 2026 B-2 Mandatory Paydown Revenue Securities, according to documents posted Thursday on MuniOS.
In addition, the sale includes $161 million of Series 2026 B-3 Mandatory Paydown Revenue Securities and $11 million of Series 2026 C Revenue Bonds.
All other securities being issued are tax-exempt, except the Series 2026C bonds.
Interest on the bonds will be payable on June 15 and Dec. 15.
Build NYC Resource is a not-for-profit local development corporation.
Proceeds of the bonds will be loaned to RiverSpring Health Senior Living for financing the construction, renovation, furnishing, and equipping of an approximately 441,000 square foot independent living facility for a continuing care retirement community in the Bronx, New York.
RiverSpring, a New York not-for-profit corporation created to develop and operate a continuing care retirement community, will also use issuance proceeds for the demolition of an existing building located on an adjacent leased parcel of land and the construction of certain improvements
The community operator will also use the funds for the re-payment of pre-construction financing for development costs and repayment of funds advanced by an affiliate for pre-construction and development costs.
The bonds are not rated.
B.C. Ziegler & Co. and Herbert J. Sims & Co. are lead managers for the issuance.
Write to Zaeem Shoaib at zaeem.shoaib@wsj.com
(END) Dow Jones Newswires
01-09-26 1151ET