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PHILADELPHIA-Philadelphia Authority for Industrial Development closed on a$10.9-million, tax-exempt bond issue by Cathedral Village, a 25-year-oldcontinuing care retirement community at 600 East Cathedral Rd. in theRoxborough section. Westport, CT-based Herbert J. Sims & Co. was theunderwriter.

Cathedral Village will use the funding to build 16 additional townhouseindependent living units and renovate Bishop White Lodge, the skillednursing facility in the complex. Over the years, operators of the non-profitlong-term care community have issued tax-exempt debt through PAID to fundexpansion and upgrades.

PAID is administered by the Philadelphia Industrial Development Corp. Bondsissued by PAID are non-recourse to PAID or PIDC. The borrower or bankguarantor is responsible for debt repayment.

Herbert J. Sims is a full-service investment banking firm that specializesin structuring and underwriting senior living and long-term care facilities.

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