Senior Living Projects
Senior Living Project
Crown Pointe Assisted Living
Crown Pointe is an assisted living center located on 3.5 wooded acres at 737 Magnolia Avenue, Corona, CA. The facility is owned and operated by Provident Group—Crown Pointe L.L.C. (“Provident – CP”)—a wholly owned subsidiary of Provident Resources Group, Inc. (“Provident”). The facility consists of 86 independent living beds, 69 assisted living units and 13 specialty care beds. Twenty percent of the beds are reserved for elderly patients of moderate to low income.
The purchase of the Crown Pointe project was financed by the issuance of Housing Revenue Bonds through the California Statewide Communities Development Authority (CSCDA). The Housing Revenue Bonds were issued in three separate series including both senior and subordinate debt.
· CSCDA Crown Pointe Project Housing Revenue Bonds Series 2001Z: $15,385,000
· CSCDA Crown Pointe Project Housing Revenue Bonds Taxable 2001Z-T: $145,000
· CSCDA Crown Pointe Project Subordinate Housing Revenue Bonds Series 2001Z-S: $3,950,000
U.S. Bank acted as the trustee on the project, and Miller & Schroeder Financial provided the underwriting of the bonds. The issuer loaned the proceeds of the bonds to Provident-CP in order to allow for the purchase and acquisition of the Crown Pointe assisted living facility. During 2002, Provident-CP refinanced with HUD and entered into a $14,256,500 loan insured by the Federal Housing Administration pursuant to Section 223(f) of the National Housing Act. Provident-CP also entered into a subordinate note with the California Statewide Communities Development Authority in 2002.
Crown Pointe provides many services to its residents. Basic daily living services such as providing meals, laundry, housekeeping, transportation and paying bills are provided in addition to specialized services such as Alzheimer’s treatment. The facility also provides these services to residents that qualify as low income and very low income persons, who could not otherwise easily afford these services.
Initially, the operations were managed by a third party SLM, Crown Pointe Inc. Beginning in October 2002, Provident managed all aspects of the operations until the sale of the facility in March 2008.