Experience
The Cottages at St. Martin's$18,000,000
Corporate Finance Tax-Exempt DebtSeptember, 2007
Deal Team:
Goodloe White, Jim White
The Episcopal Foundation of Jefferson County selected Porter, White & Company as its financial advisor for the redevelopment of its 138-bed nursing home facility at St.Martin's in the Pines. In 2003, St. Martin's set out to redesign its aging campus and decided to develop a Green House® community. By foregoing a traditional institutional nursing home design, St. Martin's became a catalyst for long-term care culture change in Alabama. As finally approved, the project consists of 60 replacement beds in two “cottages”of three stories each.
Porter, White & Company provided project coordination services and financial modeling, valuation, and feasibility analysis; managed a competitive proposal process for an $18 million letter of credit for a tax-exempt bond financing; and designed an interest rate protection policy. In the face of the emerging sub-prime mortgage crisis, Porter, White & Company competitively bid an interest rate cap priced at a cost lower than estimated before the crisis began.
