Oak Ridge, N.J. – April 6, 2021 – Lakeland Bank was pleased to provide $30,000,000 to finance one of three bond series used to refinance existing debt of the newly formed Obligated Group for Springpoint Senior Living, Inc. This will provide new funds for capital improvements across several of their campuses. Springpoint was formed in 1916 and today serves as one of the largest nonprofit providers of senior housing and 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 the $200MM total financing.
“Lakeland proved to be a valuable partner in completing our transaction for a combined $200MM of which we placed $115MM in fixed-rate tax-exempt bonds and $85MM in taxable bonds,” said Garrett Midgett III, Senior Vice President and Chief Financial Officer of Springpoint. “The expertise and professionalism of the Lakeland bankers combined with their knowledge of our organization and the senior living industry was paramount to completing a smooth transaction.”
“Lakeland Bank is committed to working alongside the very best care providers in the region and certainly Springpoint is a marquee name in this space. I have worked with this client several times in the past and knew their team would be up for the challenge in coordinating a financing effort of this size and scope,” said Ron Krauskopf, Senior Vice President of Healthcare Lending. “Lakeland looks forward to forging new relationships with organizations that do so much for the seniors in our communities.”
Lakeland Bank’s Healthcare Banking experts are here to help by delivering customized solutions for unique challenges within the healthcare industry. Lakeland Bank’s Healthcare Banking offers comprehensive lending and treasury management solutions to organizations across the healthcare spectrum. Our experienced lenders utilize a relationship banking approach, allowing them to provide value in many different verticals to various businesses. We provide financial solutions to nonprofit organizations, hospitals, higher education, senior living facilities, private equity groups, medical office building buyers, real estate investment trusts, large medical practices, behavioral health and ambulatory/outpatient facilities.
Springpoint is a nationally recognized senior living provider with a legacy of over 100 years serving the Mid-Atlantic region. It consists of Springpoint Senior Living and its eight full-service Life Plan Communities and 19 affordable housing communities in New Jersey and Delaware. It also includes Springpoint at Home, providing home care and care management services, and Springpoint Choice, a membership-based program offering security for 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 over $7.6 billion in total assets. With an extensive branch network and commercial lending centers throughout New Jersey and Highland Mills, N.Y., the Bank offers business and retail banking products and services. Business services include commercial loans and lines of credit, commercial real estate loans, loans for healthcare services, asset based lending, equipment financing, small business loans and lines, and cash management services. 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 a Best-In-State Bank by Forbes and Statista, rated a 5-Star Bank by Bauer Financial and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ. Visit LakelandBank.com for more information.