John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... 
Clermont Park rendering.
Christian Living Communities , local a local not-for-profit that owns and operates three metro-Denver retirement communities, on Tuesday announced the sale of $36.5 million in bonds to be used expand one of its southeast Denver communities.
Proceeds from the bond sale will allow CLC to complete the expansion of the the Clermont Park Retirement Community near South Colorado Boulevard and Yale Avenue.
Groundbreaking is scheduled for Nov. 21. The bond-financed construction will add 74 residential apartment homes, a new adult day program, and a fitness center, fellowship hall and fine dining restaurant to the existing Town Center.
Wellness Center at Clermont Park.
“The sale of these bonds bodes well for the future of CLC and reflects the confidence both investors and the larger community have in our organization,” said CLC President and CEO Russ DenBraber. “To be able to raise these funds during the recession and finish a reinvention of Clermont Park that meets our residents’ needs is humbling.”
Stifel Nicolaus and Ziegler Capital Markets sold $36.5 million in Series 2011 A and B bonds to a variety of investors.
Individual investors purchased approximately $16.4 million in Series A bonds and four institutional investors purchased the remaining $8.1 million in Series A bonds. Guarantee Bank and Trust Co. purchased $12 million of Series B bonds.
CLC was able to get a blended fixed-interest rate on the Series A and B bonds of 6.14 percent, which is usually the type of rate only offered on bonds rated by S&P or Fitch for similar organizations, according to Dennis F. Jones, managing director for Stifel, Nicolaus.
“The fact that CLC was able to secure this attractive interest rate on non-rated bonds speaks to CLC’s excellent support from residents and constituents and CLC’s reputation serving Denver’s senior community for almost 40 years,” Jones said.
In March 2009, CLC successfully sold $30 million in bonds to finance the first phase of Clermont Park’s $66.5 million makeover. At that time, Clermont Park’s expansion made it the first senior living community in the nation to be financed through non-rated, fixed-interest bonds since September 2008.
CLC retained Lantz-Boggio Architects and Pinkard Construction to oversee design and construction of the final phase of expansion.
Both companies also were involved in the first phase of construction that began in the summer of 2008. Initial construction included updating existing residential living apartment homes, building 15 new assisted living and 17 memory support apartments, and adding a Town Center and a 63-suite skilled nursing community called ‘The Suites at Clermont Park.’
“Contemporary, hip and innovative is an accurate description of the new Clermont Park,” said Jill Vitale-Aussem, executive director. “The recent and upcoming renovations will provide our residents with a state-of-the-art contemporary setting, where all their needs can be met on one campus.”
It is anticipated the 74 residential apartment homes will open in the spring of 2013. Currently, 55 of these apartments are reserved, leaving 19 available, according to Vitale-Aussem.
Contact John Rebchook at JRCHOOK@gmail.com
