WEST PALM BEACH, FLA. — SunTrust Banks Inc. has arranged a $138 million tax-exempt senior secured credit facility for MorseLife Health System. The credit facility will fund the $77 million construction of The Tower at MorseLife, a 135-unit luxury independent living expansion to The Tradition of the Palm Beaches in West Palm Beach. It will also fund renovations to the existing community.
“The senior population in Palm Beach County continues to grow and The Tower at MorseLife is meeting the greater demand for luxury independent living in our community,” says Keith Myers, MorseLife’s president and CEO.
Construction on The Tower at MorseLife is scheduled to begin before the end of the year and the project is expected to be completed in mid-2017. The Tower at MorseLife will be a full-service, luxury senior living residence with one- and two-bedroom apartments. It will include amenities like gourmet dining, housekeeping, wellness spa, an outdoor pool, theatre, synagogue, medical clinic, and educational and entertainment options.
SunTrust Robinson Humphrey acted as sole lead arranger on the transaction, which includes a $66 million tax-exempt construction line of credit for The Tower at MorseLife and a $72 million tax-exempt term loan to refinance existing bonds outstanding at the time of closing.
A non-profit founded in 1983, MorseLife Health System offers a full continuum of care including independent living, assisted living, memory care, long-term nursing, short-term rehabilitation and home health care.