OREC Securities, doing business as Lument Securities, said it recently closed a $22.8 million bond placement using the 142(d) program to fund construction of The Retreat at Indian Land, a seniors housing community to be located in South Carolina.
Section 142(d) of the U.S. tax code allows for-profit developers to use the tax-exempt bond market to issue long-term, non-recourse bonds at competitive high-yield interest rates for the new construction or substantial renovation of seniors housing and care communities that meet certain income requirements. Read more.
