Reno senior care company refinancing building in $4.586 million deal
RENO, Nev. — The Fountains Senior Care, Inc. is refinancing its building at 1920 Harvard Way in Reno.
According to a July 20 press release, the $4.586 million deal includes a low-interest SBA 504 loan facilitated by Nevada State Development Corporation. Heritage Bank of Nevada partnered in the financing package.
“This refinancing package will result in new jobs, pay increases and some much-needed work to our building,” Mark McConnell, owner of the senior care center, said in a statement. “We will be saving a lot of money every year and we already have the plans in place to re-invest that money right back into the facility.”
McConnell has a bachelor’s degree in psychology and an MBA from UNLV. Prior to owning the business, he worked at the Charleston Retirement Home as executive director from 1992 to 2005. McConnell has 28 years of experience managing assisted living facilities for the elderly and 15 years of ownership experience.
“Mark is taking the money that will be saved each year and using it for good,” Sandy Gordon, vice president/business development officer with Nevada State Development Corporation, said in a statement. “Not only will the residents of The Fountains Senior Care benefit from the refinance, but some new jobs will also be created. It’s a great move by Mark and a win for everyone involved.”
The Fountains Senior Care offers studio and one-bedroom units within a 70-unit standalone building. Personal care services, including medication reminders and bathing assistance, are also available, among other services.
“The best transactions are defined by sellers being willing to set their ego aside for the benefit of their customers and employees,” writes Mike Bosma.