Tuesday, September 9, 2003

What's the buzz?

Financing in place for project

By Jeff McKinney
The Cincinnati Enquirer

To help build a sparkling new housing complex for the elderly, U.S. Bank will serve as lead bank in an $85 million construction-financing package for the 56-acre development in Montgomery.

U.S. Bank - along with six other Tristate banks - provided a letter of credit for the bond issue that will be used to build Twin Lakes, a $110 million continuing-care retirement community bordering Indian Hill. The project is expected to create 200 jobs.

The project, expected to be finished by next fall, will include 115 villa homes, 91 apartments and a two-story health-care pavilion for assisted-living residents. It will have licensed nursing accommodations.

Costs for the villa homes, apartments and assisted living units will range from $2,050 to $3,355 monthly. About 50 living spaces are available.

The main building will include an art studio, dining room, chapel and wellness center with a swimming pool, bank, post office and a store.

Other banks in the letter of credit are Fifth Third, PNC, Oak Hill, Provident, Huntington and First Financial.

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