\n By Zaeem Shoaib <\/p>\n
\n 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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
All other securities being issued are tax-exempt, except the Series 2026C bonds. <\/p>\n
Interest on the bonds will be payable on June 15 and Dec. 15. <\/p>\n
Build NYC Resource is a not-for-profit local development corporation. <\/p>\n
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. <\/p>\n
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 <\/p>\n
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. <\/p>\n
The bonds are not rated. <\/p>\n
B.C. Ziegler & Co. and Herbert J. Sims & Co. are lead managers for the issuance. <\/p>\n
\n Write to Zaeem Shoaib at zaeem.shoaib@wsj.com <\/p>\n
\n (END) Dow Jones Newswires<\/p>\n
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