Closing the Loans and Starting Construction

The financing for the Green House Residences has been finalized! We have signed all of the paperwork and the loans with Susquehanna Bank and NCB Capital Impact have been recorded. We received the inital draw from the Susquehanna Bank bridge loan yesterday.

Plano-Coudon has received the building permit and surveyed the site with the fencing supplier.

Buying the Land

GEDCO, through its subsidiary Windemere Long Term Care, LLC, has purchased the land from Baltimore City to build THE GREEN HOUSE(R) Residences at Stadium Place. As part of a Land Disposition Agreement, GEDCO has been working for the past 10 years on developing Stadium Place, on the site of the former Memorial Stadium in Baltimore City, into an urban retirement community. The next phase of development is the Green House Residences at Stadium Place, which will be the first Green House model of long term care in Maryland. The deed has been signed with Baltimore City, and it will be recorded today.

We're Growing a Home, Loan Commitments Signed

THE GREEN HOUSE(R) Residences at Stadium Place are coming to Baltimore. We are planning to start construction in December. It's been a long year, with many moving parts. We have completed construction planning, negotiated a lease with an operating partner, and finally put into place a financing package. We tried New Markets Tax Credits, but that didn't work out. NCB Capital Impact has come to our rescue with a long term loan, as well as bridge financing. The Loan Commitment Letters were signed yesterday! After receiving 5 qualified bids, a construction contract has been signed with Plano-Coudon, LLC. And our operating partner will be Associated Catholic Charities, which is already providing enhanced living, dignity and person-centered care for frail elders. Welcome home!

Financing and planning efforts moving forward

We are proud to report that the Trustees of The Harry and Jeanette Weinberg Foundation have approved a $2 million grant to support construction of The Green House(R) Residences at Stadium Place. This grant has provided momentum to our fundraising campaign, as we continue to meet with prospective donors and request leadership gifts. A campaign cabinet is meeting weekly to coordinate GEDCO and Green House Residences fundraising efforts.

Another major component of our financing plan is a New Markets Tax Credits (NMTC) transaction, which would provide at least $2 millions towards the project. This is a very complex transaction, but we feel confident that the pieces are coming together. A financing task force is assisting in our meetings with banks and organizations to obtain bridge loans and NMTC allocations.

The design team has distributed a bid package, and five contractors have met the qualifications. We will be selecting a general contractor for the building on April 2. We are also finalizing terms with the potential operator of the project.