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HLB Successfully Closes $105.5 Million Tax-Exempt Bond Financing Transaction for RCFE Licensed Continuing Care Retirement Communities in California


HLB announces the successful closure of a groundbreaking $105,515,000 public offering tax-exempt bond financing transaction on behalf of Episcopal Communities & Services (ECS). ECS operates three continuing care retirement communities in Southern California licensed as residential care facilities for the elderly (RCFEs).

This achievement is significant as it marks the first RCFE bond financing by the California Health Facilities Financing Authority (CHFFA) following a recent legislative change effective January 1st of this year. The change now allows CHFFA to issue tax-exempt bonds to stand-alone RCFEs, opening new avenues for financing and growth in the sector.

ECS CFO Charlie Rahilly says, “We are so appreciative of HLB’s expertise. This financing will allow us to add 40 new housing units our MonteCedro campus, and make important renovations to our Canterbury campus in Palos Verdes and our Covington campus in Aliso Viejo. HLB played a key role in guiding us to a smooth and successful closing.”

“Being a part of the team that successfully completed the very first CHFFA-RCFE tax-exempt bond financing transaction was very rewarding,” said Sandi Krul. Stephanie Gross, who also worked on this transaction, said, “it has driven a positive change in the landscape of tax exempt bond financing for the benefit of not only our RCFE clients but also for the communities in which we all live.”

HLB Partners Sandi Krul and Stephanie Gross led the HLB team on this successful deal.


Sandi Krul
Los Angeles
Stephanie Gross
Los Angeles
San Francisco

If you’d like more information on how HLB can represent your company to take advantage of these tax-exempt bond financing, please contact Sandi Krul or Stephanie Gross in Los Angeles, Michael Shimada in San Francisco, or your regular HLB contact.

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