Wesley Commons CCRC Finances Expansion, Renovations with a $45.6 Million JEDA Bond
Greenwood, SC — Greenwood County
Wesley Commons is using a $45,560,000 bond through the South Carolina Jobs-Economic Development Authority (JEDA) to build new homes at its continuum of care retirement community (CCRC) in Greenwood.
The tax-exempt Economic Development Revenue Bonds will finance 33 new independent living units and renovations of existing skilled care and independent and assisted living facilities at Wesley Commons’ 150-acre wooded acres located at 1110 Marshall Road in Greenwood. Bond proceeds will also be used to refinance an earlier loan used to finance capital improvements.
Wesley Commons Inc. is a non-profit organization founded a little over 50 years ago by community residents and United Methodists and now has 306 employees and 217 full-time equivalent (FTE) employees. The current expansion is anticipated to create four new jobs.
“This investment helps us expand our independent living options while updating key areas of our campus to better serve residents today and in the years ahead.”
David B. Buckshorn, President and Chief Executive Officer at Wesley Commons
“Tax-exempt bond financing gives nonprofit organizations like Wesley Commons the flexibility to modernize facilities and plan responsibly for long-term sustainability as the need for senior living just continues to grow,” said Kathy McKinney, Bond Counsel at Haynsworth Sinkler Boyd, P.A., in Greenville.
“Wesley Commons has a long history of serving the Greenwood community, and JEDA is proud to offer financing options to Welsey Commons to allow them to upgrade their facilities for our growing senior population,” said Jesse A. Smith, Executive Director of JEDA in Columbia.
