Lakeland Bancorp: Bank Contributes $ 30,000,000 for Capital Spending and Refinancing to Non-Profit Multi-Site Seniors Housing Provider – April 6, 2021
Oak Ridge, NJ – April 6, 2021 – Lakeland Bank was pleased to provide $ 30,000,000 to finance one of three series of bonds used to refinance the existing debt of the newly formed Obligated Group for Springpoint Senior Living, Inc. This will provide new funds for the improvement of fixed assets on several of their campuses. Springpoint was formed in 1916 and today is one of the largest nonprofit providers of housing and senior care services with more than 27 communities in New Jersey and Delaware. Lakeland was one of two lenders working in tandem with the active public finance market to secure total funding of $ 200 million.
“ Lakeland proved to be a valuable partner in completing our transaction totaling $ 200 million, of which we placed $ 115 million in tax-exempt fixed rate bonds and $ 85 million in bonds. taxable, ” said Garrett Midgett III, senior vice president and chief financial officer. Springpoint officer. “The expertise and professionalism of Lakeland’s bankers, combined with their knowledge of our organization and the senior life industry, was essential to completing a transaction.
“Lakeland Bank is committed to working alongside the best healthcare providers in the region and Springpoint is certainly a brand name in this area. I have worked with this client many times in the past and knew their team would be up to the challenge of coordinating a fundraising effort of this size and scope, ”said Ron Krauskopf, senior vice president of health care loans. “Lakeland looks forward to forging new relationships with organizations that do so much for seniors in our communities.
Lakeland Bank Healthcare Banking experts are here to help by providing customized solutions for unique challenges in the healthcare industry. Lakeland Bank Healthcare Banking provides comprehensive loan and cash management solutions to organizations across all healthcare industries. Our experienced lenders use a relationship banking approach, which enables them to deliver value across many verticals to various businesses. We provide financial solutions to non-profit organizations, hospitals, higher education, senior residences, private equity groups, buyers of medical office buildings, real estate investment trusts, large doctor’s offices, behavioral health and outpatient / outpatient facilities.
Springpoint is a nationally recognized provider of senior housing with a heritage of over 100 years serving the Mid-Atlantic region. It consists of Springpoint Senior Living and its eight full-service living plan communities and 19 affordable housing communities in New Jersey and Delaware. It also includes Springpoint at Home, which provides home care and care management services, and Springpoint Choice, a membership-based program that provides security to members. Learn more about Springpoint at springpointsl.org.
About Lakeland Bank
Lakeland Bank is the wholly owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ: LBAI), which has total assets of over $ 7.6 billion. With an extensive branch network and commercial lending centers throughout New Jersey and Highland Mills, NY, the Bank provides banking products and services to businesses and individuals. Business services include commercial loans and lines of credit, commercial real estate loans, loans for health services, loans on assets, equipment financing, small business loans and lines of credit, and services cash management. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions. Lakeland is proud to be recognized as the Best State Bank by Forbes and Statista, rated 5 stars by Bauer Financial, and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ. Visit LakelandBank.com for more information.